There is no way the Dems can eliminate deficit spending from day one. The WOT, including Iraq and Afghanistan, Katrina spending, and Homeland security will break the bank without additional taxation or a draconian reduction in spending including on defense. Add to that growing entitlement spending, a declining SS "surplus" beginning in 2008, and a Medicare system that is going bust in 12 years and you have a real train wreck looming ahead no matter what party is in power.
Agree.
Though, it appears the deficit may not be quite as bad as the Dims would have us believe. The President made a comment the other day about cutting the deficit in 1/2 by 2009 (I think that was the year he used). One of the ways he wants to do this is for Congress to rein in spending and stop w all of the earmarks. Obviously the tax cuts helped - making them permanent would help more IMHO
CBO: Deficit could be less than $300B
CBO ^ | May 4, 2006 | CBO
Posted on 05/04/2006 6:13:45 PM PDT by RobFromGa
CBO: Deficit could be less than $300B
Non-partisan analyst says gap could be below White House estimate due to increased revenue growth. May 4, 2006: 7:20 PM EDT
WASHINGTON (Reuters) - The U.S. budget deficit this year could dip to as low as $300 billion, well below the White House's estimate, partly because the federal government was enjoying "robust growth" in revenues, the Congressional Budget Office said Thursday.
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More recently, there have been government estimates of a budget deficit closer to $350 billion this year, down from the fiscal 2005 deficit of $318 billion.
The nonpartisan congressional budget analyst said that "robust growth in revenues" accounted for some of the improvement in the deficit picture.
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CBO said that during the first seven months of the fiscal year that began on Oct. 1, the federal government ran a budget deficit of $183 billion, $53 billion less than for the same period in fiscal 2005.
(Excerpt) Read more at money.cnn.com ...
http://www.freerepublic.com/focus/f-news/1627026/posts
Budget Office Sees Marked Dip in Deficit
© 2006 The Associated Press
WASHINGTON — A surging economy producing robust growth in federal revenues promises to significantly cut the budget deficit for the current year, the Congressional Budget Office reported Thursday.
The deficit "will be significantly less than $350 billion, perhaps as low as $300 billion," CBO reported, well below the White House's February estimate of $423 billion.
The CBO estimate assumes enactment of a pending $70 billion tax cut bill, as well as a spending bill for the war in Iraq, hurricane relief along the Gulf Coast and prevention of a bird flu pandemic.
The Senate passed a $108.9 billion version Thursday, but President Bush vows to hold the cost to $94.5 billion.
The nonpartisan budget analysts for Congress credited "robust growth in revenues" for the improvement.
The budget year ends Sept. 30. For the first seven months of fiscal 2006, the deficit registered $183 billion, $53 billion less that 2005. The 2005 deficit was $318 billion.