The Congressional Budget Office foresees a narrower federal deficit than previously thought, both near and long term. This year’s estimated budget shortfall dropped by $23 billion to $492 billion. Assuming the trend holds, this would be a seven-year low. Unfortunately, the vast majority of this stems from cuts to defense; absent true reforms overhauling entitlements and wasteful spending, any reduction is temporary at best. (Remember, defense spending is one of the few functions federally mandated under the Constitution, yet it’s the only area hit by Obama with major budget cuts.) ObamaCare’s reduced price tag and Medicare spending cuts lowered the long-term deficit outlook. CBO now predicts $7.6 trillion in more debt over the next decade – $286 billion less than January’s projection. However, CBO’s analysis is speculative, and ObamaCare’s actual price tag – like all federal behemoths – will be far higher than anyone anticipates.