Close your eyes and remember the days when so much of the economic and fiscal debate in the U.S. centered around reining in the country's trillion dollar budget deficits.

Related: "Absurd, insane deficit obsession" making U.S. income inequality worse: Jim Steele

Well, a funny thing has happened since then. The deficit has been falling. The U.S. Treasury department reported the budget deficit was $680 billion in the 2013 fiscal year (ending September 30) -- the first sub-trillion dollar deficit since 2008. And the Congressional Budget office projects it will fall even further in 2014 and 2015, to $514 billion and $478 billion respectively.

Related: The economy is only going to get stronger: Mark Zandi

Check out the video for an explainer of why.

When it comes to U.S. deficit and debt woes, the country isn't in the clear, as Yahoo Columnist Rick Newman explains in the accompanying video. More historically "normal" deficits simply mean the economy is adding less to a debt pile that stands at around $17 trillion. And after 2015, the CBO again expects the budget deficits to rise, due to issues in the labor market and the costs associated with retiring baby boomers.

Related: Health Care Spending Cuts are Key to Controlling the Deficit: Alan Blinder

Watch the video for more detail.

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