Posted on 02/04/2003 7:22:04 PM PST by Stew Padasso
Democratic National Committee Chairman McAuliffe Statement On President Bush's Budget Proposal
WASHINGTON - PRNewswire - Feb. 4
Chairman Terry McAuliffe issues the following statement:
"President Bush released his budget today, bringing record deficits and $1.6 trillion in new tax cuts geared toward the wealthy. As our nation deals with the continuing threat of terrorism, a possible war in Iraq, and a sluggish economy, the White House budget is fiscally irresponsible and damaging.
"Instead of returning our country to the fiscal discipline of the 1990s, Bush has proposed a budget-busting tax cut agenda that mainly benefits the wealthy and leaves out 42 million taxpayers. Instead of being honest about the cost of his proposals, Bush used budget gimmicks to hide the fact that his budget will create trillions in deficits over the coming decade. Instead of ensuring that working families have access to critical services in this difficult economy, Bush has proposed undermining critical programs like Medicaid and Head Start.
"President Bush has once again squandered an opportunity to lead this nation out of the economic troubles it faces. Unfortunately, he has again chosen to cater to the interests of the few over the interests of the vast majority of Americans."
Please see the below background document: "Key Facts About the Cost of Bush's FY2004 Budget."
Key Facts About the Cost of Bush's FY 2004 Budget
Under Democratic leadership in the 1990s, the federal government eliminated skyrocketing deficits and returned to surplus for the first time in 30 years. Now, Bush's FY 2004 budget will put the government in the red by trillions for the "foreseeable future," as White House OMB Director Mitch Daniels admitted. The Bush administration is being dishonest about the true cost of its budget proposals and tax cuts.
Key Facts About the Bush Budget: 1. Bush Budget Posts Historic Deficits. According to its own estimates, the Bush budget posts historically high budget deficits. In FY 2004 the Bush budget deficit will be $307 billion, topping the record high of $290 billion in 1992. Over the five year period from FY 2004-2008, the Bush budget posts a $1.08 trillion deficit. [Bush FY 2004 Budget, Summary Tables, Table S-1, http://www.whitehouse.gov/omb; CBO, Historical Budget Data, Table 1, http://www.cbo.gov] 2. True Cost of Bush Tax Cutting Agenda Tops $1.6 Trillion. In addition to his "economic growth" package, the Bush budget proposes making permanent the tax cuts passed in 2001. Overall Bush budget includes $1.3 trillion in new tax cuts over ten years, proposals primarily benefiting the wealthy. However, an analysis by the Center on Budget and Policy Priorities found that, when the added cost of increased payments on the nation's debt is included, the total ten-year cost would rise to $1.6 trillion [Associated Press, 2/3/03; CBPP Fact Sheet, 1/31/03, http://www.cbpp.org] 3. Bush Accounting Gimmicks Mask the True Costs of His Proposals and Tax Cuts. Five-Year Budget Estimates Hide Costs of Bush Proposals. Bush's budget ends the practice of ten-year budget projections, instead only projecting costs for five years, through FY 2008. For example, when Bush proposed his "economic growth" package in January, the White House estimated a cost of $674 billion over ten years; however the Bush budget only includes five year costs totaling $380 billion. A Washington Post editorial criticized the Bush accounting gimmick: "Limiting the projection to five years would also have the effect of masking the true costs of other administration proposals." [Washington Post, 1/7/03; Bush FY 2004 Budget, Summary Tables, Table S-3, http://www.whitehouse.gov/omb; editorial, Washington Post, 2/3/03] Cost of War in Iraq Not Included in Bush Budget. Bush's budget includes the "biggest defense buildup since President Reagan's in the 1980s," the Associated Press reported, but the budget does not include the costs of a possible war with Iraq. The Congressional Budget Office has estimated that if the United States fights a war against Iraq, costs through next year could range anywhere from $34 billion to $183 billion. In September 2002, then-White House economic adviser Larry Lindsey said that the war in Iraq could cost up to $200 billion.
[Associated Press, 2/3/03; New York Times, 1/30/03; Reuters, 9/16/02] For more information, please go to http://www.democrats.org .
Democratic National Committee
Web site: http://www.democrats.org/
Key facts about Terry McAuliffe: A crook, lier, and thug.
Should I have discerned that Terry is correct and Bush is an idiot?
Considering the sleasy past of Terry that appears to be a bit of a strech.
Surely you must agree.
FRregards!
Yes. Here are the ladies afterwards:
Say! This isn't the same guy who was steamrolled during the November elections, is it?
Gee, I hope my employer is that understanding if I waste millions of dollars and two years of precious time. :-)
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