In February 2013, the Congressional Budget Office (CBO) forecast that the federal budget deficit for fiscal year 2013 would be approximately $850 billion. In May 2013, the CBO revised down its forecast of the budget deficit to $642 billion. The CBO stated that a major reason for the downward revision was "factors related mainly to the strengthening economy."
a. Why would a "strengthening economy" lead to a downward revision of the projected budget deficit?
b. Suppose that Congress and the president were committed to balancing the budget each year. Does what happened during 2013 provide any insight into difficulties they might run into in trying to balance the budget every year?