US federal deficit falls at fastest clip since end of Second World War

The US federal deficit has fallen over the past three years at a faster rate than during any comparable time period since the end of the Second World War. reports that the only time the deficit has fallen at a more rapid rate outside of the post-war period was when the US economy faltered in 1937 and the Great Depression was prolonged as a consequence's Capital Hill correspondent Jed Graham further claims US history shows "we are already testing the speed limits of a fiscal consolidation that doesn't risk backfiring" and that the best way to address the fiscal cliff is to postpone it.

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Chart courtesy of