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Keyword: cutsbeyond2010

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  • Collapse of stocks to propel deficits

    08/29/2002 8:28:02 AM PDT · by Tumbleweed_Connection · 1 replies · 135+ views
    Washington Times ^ | 8/28/02 | Patrice Hill
    <p>The loss of surplus revenue from taxpayers hit by the stock market's $7 trillion collapse since 2000 will affect the federal budget for years, the Congressional Budget Office said yesterday.</p> <p>Deficits will linger for the next four years, and small surpluses will return by the end of the decade only if Congress holds the line against big new spending and tax cuts, the agency said in a forecast that for the first time projects massive losses of income and capital gains tax revenue from reduced stock earnings in the next decade.</p>