Posted on 07/12/2005 7:30:01 PM PDT by Tumbleweed_Connection
For the first time since President Bush took office, an unexpected leap in tax revenue is about to shrink the federal budget deficit this year, by nearly $100 billion.
On Wednesday, White House officials plan to announce that the deficit for the 2005 fiscal year, which ends in September, will be far smaller than the $427 billion they estimated in February.
Mr. Bush plans to hail the improvement at a cabinet meeting and to cite it as validation of his argument that tax cuts would stimulate the economy and ultimately help pay for themselves.
Based on revenue and spending data through June, the budget deficit for the first nine months of the fiscal year was $251 billion, $76 billion lower than the $327 billion gap recorded at the corresponding point a year earlier.
The Congressional Budget Office estimated last week that the deficit for the full fiscal year, which reached $412 billion in 2004, could be "significantly less than $350 billion, perhaps below $325 billion."
The big surprise has been in tax revenue, which is running nearly 15 percent higher than in 2004. Corporate tax revenue has soared about 40 percent, after languishing for four years, and individual tax revenue is up as well....
(Excerpt) Read more at nytimes.com ...
That's quite and achievement in a time of war... even more so if that included all of the "off-budget" Iraq $$.. maybe the end of the deficits and the Iraq operations within this 2nd term...
"If Bush hadn't cut taxes back in 2001 how much farther along wouldd we be?"
If the GOP Congress kept spending to a minimum, by now we should have an even smaller deficit. I hope GWB will use his veto pen and keep the budget growth within 2 percent. Tax reductions always increase tax revenues, but the gains always gets eliminated by increased spendings. The only time we had a surplus is when Clinton was in the White House and Congress was controlled by the GOP. It seems like Republicans act like Republicans when they have a Democrat for a President, but act like Democrats when they controlled Congress and the Presidency. It is not GWB fault, but the individual GOP jerks in the House and Senate.
What page was this found on?
page 1, above the fold
The 'Rats will be chasing their tails with this news.
HALLELUJAH!!!
Finally, some news to refute all the crap the liberals like to spout.
It's Bush-economics, my friend.
Great!
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