Federal Deficit Drops As Revenue Rises

Crutsinger, AP ^ | Monday February 12, 2:12 pm ET

[BenLurkin]

WASHINGTON (AP) -- The deficit for the first four months of the current budget year is down sharply from the same period a year ago as the government continues to benefit from record levels of tax collections. The Treasury Department reported Monday that the deficit for the budget year that began Oct. 1 totals $42.2 billion, down 57.2 percent from the same period a year ago.

The amount of revenues collected from October through January were up 9.7 percent from the same period a year ago, climbing to a record level for the period of $834.1 billion.

[furquhart]

It sounds like we're on pace for a sub-$200 Billion deficit. Perhaps in the $150 Billion range - or, like 1% of GDP. At this rate, the budget will move back into surplus by the end of the Bush Administration.

[bpjam]

Oh NOOOOO!!!!!! Supply side economics again????!!!?!! How can this possibly keep happening every time we cut taxes???!!!!

< /Sarcasm>

[BenLurkin]

Tax cuts work.

[TommyDale]

This is going to drive the Democrats nuts.

[Eric in the Ozarks]

Lead story on tonight's NBC Nightly News...

[pissant]

Time for more tax cuts!

[rightinthemiddle]

The Democrats will ignore it; the MSM will ignore it; the Average Joe will never know.

[BenLurkin]

Ha!

[Ben Mugged]

It's Bush's Fault

[misterrob]

Work better with holding the line on spending. Imagine, if spending had been held even at inflation rates we would have surpluses and more tax cuts.

[milwguy]

Damn tax cuts!!

[freeperfromnj]

More good news no one will hear about. I give the rats 6 months to start screwing up the economy.

[RipSawyer]

This is going to drive the Democrats nuts.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

They will simply point out how much better everything will be as soon as they cancel the Bush tax cuts and amazingly a huge portion of the electorate will believe her. The average American voter is not exceptionally brilliant.

[HoosierHawk]

LOL!!

[geo40xyz]

Another sign that TAX-CUTS work!!!! Will the democRATs believe it? NFW

[rhombus]

Note that this news is in the financial section. Yawn. Nothing to see here, move along.

Who wrote this? Maybe it's grammatically correct but it sure seems awkward: Bush's budget laid out a plan to eliminate the deficit entirely by 2012, three years after he has left office.

[napscoordinator]

But what about that 9 trillion dollars that we still owe. Get that down to zero and I will be impressed. Six years ago we were at what? 4 trillion which is still alot of money. 9/11 can't be blamed forever.

[groanup]

The amount of revenues collected from October through January were up 9.7 percent from the same period a year ago, climbing to a record level for the period of $834.1 billion.

This is the result of tax cuts. Where are the editorials about how tax cuts have increased revenue? Where are the dims who claimed the tax cuts would cause worsening deficits? Where is the "tax cuts for the rich" crowd?

Oh, Bush lied.

[rodguy911]

This is going to drive the democrats nuts

Maybe not. You have to hear about it first, and this story will be buried by every DBM there is. It will be up to us and talk radio to get the word out. Hannity has been doing a stellar job an stuff like this lately.