Posted on 07/12/2005 12:34:03 PM PDT by QQQQQ
So much for record budget deficits. The tide of economic growth and surging corporate and individual tax revenues are now expected to erase as much as 25% of the red ink the government was planning to expend this year.
Three-quarters of the way through fiscal 2005, the Congressional Budget Office says the deficit will come in well shy of $350 billion and may fall below $325 billion. The White House, which had forecast a record $427 deficit, will update its view Wednesday.
Some see the better-than-expected federal revenues as evidence that President Bush's tax policy is working as advertised.
"This is exactly what the White House said would happen," said Heritage Foundation budget expert Brian Riedl. "They said the tax cuts would stimulate productivity, fuel economic growth and lead to smaller deficits."
(Excerpt) Read more at investors.com ...
But... but... BUTT... Hillary said the economy was doing so poorly??? Oops, sorry for that huge butt!!
Sen. Clinton attacks Bush over tax cuts
July 11, 2005
Sen. Hillary Rodham Clinton went on the attack against President Bush in a speech Sunday, accusing him of damaging the economy by overspending while giving tax cuts to the rich.
IT'S BUSH's FAULT! THOSE D*MN TAX CUTS!
Also dont forget Unemployment went down to 5.0%
Modern day conservatism means celebrating 250 billion dollar budget deficits.
Bumpers for bookemarks<pPprisoner6
No, Modern day conservatism means celebrating the fact that tax cuts work.
The deficit's going to be a whole lot less when I have to pony up 4/15/06 thanks to this terrible economy !
You must be a real stick in the mud to not be happy about a reduction in the deficit of 23.2% in 1 year.
And you propose what? Cutting 250 billion from the miltary, education and other such programs?
Sorry but even conservatives must deal with the hand they are given.. a sagging economy.. two wars... and security to be upgraded.
I guess the choice is to spend more and cut taxes.. spurring the economy in two ways.. more gov't spending and also more spending by consumers by putting more money in their hands.
The budget will right itself and everything will be fine.
Ummmm, Not Bush's Fault!!!!!!! Yeah, that's it.
Now if we could get those dolts in Washington to cut SPENDING...
>>>Modern day conservatism means celebrating 250 billion dollar budget deficits.
Sad isn't it. Revenues are finally back to where they were in 2001, of course spending has increased considerably.
Fiscal 2005 YTD Receipts 1,369,366
Fiscal 2001 YTD Receipts 1,378,023
Fiscal 2005 YTD Outlays 1,641,597
Fiscal 2001 YTD Outlays 1,240,939
Source: http://fms.treas.gov/mts/index.html
The deficit is 250 billion. Keep on celebrating.
I'm a stick in the mud when a one year budget deficit is 250 BILLION dollars. Glad to see someone is impressed. I'm not.
Modern day conservatism means being a supply side Keynesian. Have your cake and eat it, too! Don't worry! Your grandkids will pay the bill.
Tom Daschel is deeply saddened!
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