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Though the economy continues its recovery and we have made some progress on deficits, our deficits will begin growing again soon, and major long-term fiscal challenges remain.
The Peterson Institute for International Economics just released a new collection of papers by independent economists exploring the consequences of sustained U.S. fiscal uncertainty on the national and global economy.
https://www.pgpf.org/blog/flirting-default-new-report-peterson-institute-international-economics
Recent news stories have highlighted the good news that very near-term deficits are decreasing. That good news, unfortunately, will be short-lived.
https://www.pgpf.org/blog/2014/02/good-news-about-improving-deficits-will-be-short-lived