US budget deficit doesn't look so bad if you use the right data


Most investors know that government budgets are a function of revenue (mostly taxes) and outlays (spending).

But those inside the beltway know that there is more to the U.S. federal budget. In addition to the Congressional Budget Office (CBO) and executive Branch Office of Management and Budget (OMB) tabulations and projections, there are what lobbyists call the "soft" tabulations -- the budget, plus or minus what might be.