It’s because it has fallen so far so fast, and the concern that it is likely falling too far just doesn’t make for a good fear-inducing headline.
The numbers are in for FY2014, which ended on Sept 30.
$483 billion. 2.9% of GDP.
That’s down from last years (2013) $679.5 billion and 4.1% of GDP.
It’s down from the peak 2009 figure of $1.4 trillion and 9.8% of GDP.
This is the lowest deficit in dollars since 2008 and the lowest as a % of GDP since 2007. As a % of GDP, it’s just slightly lower than the average of the past 30 years.
To put it in graphical terms:
The current CBO forecast for the current fiscal year (2015) is $469 billion and 2.6% of GDP. It’s worth noting however, that as late as this past August the CBO was forecasting a $683 billion deficit for 2014, so it’s likely their 2015 forecast will be revised a lot lower in the near future.