White House Trims FY 2006 Budget Deficit Forecast to $296 Bln

[zimv20]

bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=aCMuQC3VsNWE&refer=worldwide_news)


July 11 (Bloomberg) -- The Bush administration cut its estimate of this year's budget deficit by 30 percent to $296 billion amid a surge in tax collections from corporations and wealthy individuals, a White House spokesman said.

The projected shortfall is down from the $423 billion deficit the White House forecast five months ago and represents 2.3 percent of GDP, Press Secretary Tony Snow said. Last year's deficit was $318 billion.

President George W. Bush and Republicans in Congress likely will point to the decline as they argue that tax cuts enacted in Bush's first term are benefiting the economy and are a reason for voters to maintain the party's majorities in the House and Senate in the November elections.

and from daily kos (http://www.dailykos.com/storyonly/2006/7/11/121459/372):

it would be the fourth largest deficit of all time. Here's the top five:
2004 (George W. Bush) $413 billion
2003 (George W. Bush) $378 billion
2005 (George W. Bush) $318 billion
2006 (George W. Bush) $296 billion (projected)
1992 (George H. W. Bush) $290 billion


this is gonna hurt come winter.

[yg17]

it would be the fourth largest deficit of all time. Here's the top five:
2004 (George W. Bush) $413 billion
2003 (George W. Bush) $378 billion
2005 (George W. Bush) $318 billion
2006 (George W. Bush) $296 billion (projected)
1992 (George H. W. Bush) $290 billion




Oh my. This better be the last of the Bushes, because it's clear that they have no clue how to run a country.

[zimv20]

from here (http://www.globalpolicy.org/socecon/crisis/tradedeficit/tables/budgetdeficit.htm):

http://www.globalpolicy.org/socecon/crisis/tradedeficit/tables/budgetgraph-usd.gif

http://www.globalpolicy.org/socecon/crisis/tradedeficit/tables/budgetgraph-percent.gif

[AvSRoCkCO1067]

<snip>

...at least it's decreasing...

Not that I'm condoning the deficit; being a conservative, I hate deficits just as much as the next guy...

...but at least it's decreasing...:o

[yg17]

...at least it's decreasing...

Not that I'm condoning the deficit; being a conservative, I hate deficits just as much as the next guy...

...but at least it's decreasing...:o

We wouldn't be in a defecit in the first place if Bush had an IQ in the double digits.

[AvSRoCkCO1067]

We wouldn't be in a defecit in the first place if Bush had an IQ in the double digits.

I'm not disagreeing with you....:confused: ;) :p

[mactastic]

...at least it's decreasing...

Not that I'm condoning the deficit; being a conservative, I hate deficits just as much as the next guy...

...but at least it's decreasing...:o
It's actually not decreasing. Bush's economic team came out earlier in the year with numbers so high no one believed them at the time. Why? So that later in the year (closer to the midterms) they could trumpet their "success" at "reducing" the deficit by pointing to the originally over-inflated numbers and crow about how much better than their predictions they were doing. Problem is, their predictions were never meant to accurately reflect reality.

The deficit is still rising...

[tristan]

The US is screwed because interest rates are rising, and we're going to have to refinance our multi-trillion dollar debt over time at these higher interest rates. Imagine borrowing ten trillion dollars at 6% with the knowledge that next year you're going to have to borrow even more...

[solvs]

The Bush administration cut its estimate of this year's budget deficit by 30 percent to $296 billion amid a surge in tax collections from corporations and wealthy individuals
President George W. Bush and Republicans in Congress likely will point to the decline as they argue that tax cuts enacted in Bush's first term are benefiting the economy
Um did I read that right? :confused:

[FFTT]

Gee, I wonder what the REAL budget deficit adds up to if you add in the emergency spending bills for the war in Iraq and Afghanistan, the amounts
borrowed from social security and the black budgets?

Just a wild guess, but I'll bet it's closer to $1 trillion +/-

[steamboat26]

What a horrible president. That is why i am glad for this merchandise...
http://www.bushslastday.com/images/mug_th4.jpg

[Black&Tan]

This is just too depressing. I'm going to have to lay off MR Politics soon...