Spratt: $525B deficit in 2013 'the best we can hope for'

A $525 billion budget deficit by the year 2013 is the best Americans can hope for, House Budget Committee Chairman John Spratt (D-S.C.) said Tuesday.

The House's top Democrat on budgetary issues argued that figure is credible provided that large government assistance programs like TARP are onetime events.

"In our budget resolution, we take the ball where it lies -- [$1.8 trillion, 1.7 trillion] deficit this year," Spratt said during an appearance on CNBC. "We bring that down next year to [$1.1 trillion, $1.2 trillion]."

"And by the fifth year, 2013, we get it down to $525 billion dollars," he continued. "I think that's the best we can hope for given the circumstances we've got right now."

Spratt said that if, down the line, the budget wasn't meeting estimates to bring down the deficit, the House would have to make some "mid-course corrections" to its spending.

Spratt also explained why his budget estimates are credible.

"I think it's credible because the existing deficit is also swollen, which is large and unprecedented, by some non-recurring, onetime events like the TARP loans," he said.

Watch a video of the interview below: