The Congressional Budget Office (CBO) yesterday forecast that the deficit for fiscal year 2012 will again exceed $1 trillion. The CBO has a reputation for shooting straight, so these numbers are not likely to have been spun. To put the deficit into perspective, that’s 7% of GDP, down from 9% in FY 2011.

Politicians could build confidence by setting a credible goal of running surpluses within five years. It’s a fascinating note of the times that people advocating such a goal are discounted as fringe elements.

Declining deficits are good news, but the financial improvement could prove to be too little, too late.

Washington took a big swing and missed with the SuperCommittee. That was its second golden opportunity to put the country on a sustainable financial track during the Obama Administration. It’s first strike was not poo-pooing the plan Obama’s Simpson Bowles Commission put together.