Posted on 09/07/2004 6:43:33 AM PDT by nypokerface
WASHINGTON - The Congressional Budget Office is projecting that this election-year's federal deficit will reach $422 billion, congressional aides said Tuesday, the highest ever, yet a smaller shortfall than analysts had predicted earlier this year.
The figure, provided by aides who spoke on condition of anonymity, is sure to provide political fodder for both parties during the remaining two months of the presidential and congressional campaigns.
Democrats plan to cite it as evidence that President Bush's tax and economic policies have been a disaster. But Republicans are ready to assert that the numbers show things are improving.
The number was being released later Tuesday in the annual summertime forecast issued by the nonpartisan Congressional Budget Office.
BUMP
Doesn't "non-partisan"=liberal?
well less than 4% of GDP
Aren't 30 states or so running a surplus now? It's not often you see THAT story.
The original "surplus" was nothing more than creative accounting smoke and mirrors. It never existed. I can think of no better reason to run a deficit than if it is being spent on protecting our country. I'm not all that crazy about the huge amounts being allocated to education and other areas of bureaucratic growth, especially since the educrats will take these funds and use them against our president, but I guess we must take some bad with the good.
Yeah, the deficits are based on "projections" which are never correct and the congress spent like drunken sailors in Bangcock when we had the last "virtual surplus". In fact, I think a lot of the deficit is directly ralated to their spending orgy in the late 90's.
Down about $80 billion from previous estimates which were over $500 billion. The tax cuts are working to increase our tax revenue.
"...assert that the numbers show things are improving."
With a deficit larger than last year's. That's what I call 'creative' spin. So much for fiscal conservatism.
There's nothing wrong with a budget deficit. The alternative is for the American public THEMSELVES to be in a budget deficit...which is NOT the case today.
When the Federal Government has a budget surplus, it came about at the expense of taxpayers - especially businesses.
When citizens and businesses have less money to spend, the economy suffers because less is invested in the enterprise of capitalism itself.
When the government has more money to spend, it sits in a coffer until the right "social" programs are enacted to make sure slackers have more ability...and more "rights"...to sit on their asses and suck on Uncle Sugar's teat because of their "inadequacies" - instead of fixing their own problems.
It's also more money available for Congress to bleed dry by voting themselves more pay raises.
Call me crazy, but I don't mind a budget deficit!
deficits are only relevant when compared to the size of the economy. If the republicans don't cut spending this next term I don't htink I'll ever vote for them again. (well maybe if they pass this flat tax I might consider it) :)
>>>The tax cuts are working to increase our tax revenue.
Revenues fiscal YTD are less than they were in 2001 and 2002: YTD 2001 - 1.71 trillion vs. YTD 2004 - 1.53 trillion.
We have two million more people employed and real GDP is 9% higher, but revenues are less.
Maybe tax "revenues" are LESS because the Administration let WE THE PEOPLE keep more of our OWN MONEY?????
So take away the 387 bil from Iraq and we are running a deficit of 100 something billion. Kerry would take that money and spend it on his special interests. Then he would tax us to pay for it, thereby stopping economic growth.
Hey, I have a credit card and pay it down. Bush had to deal with a recession and 9/11. The money invested in rebuilding the economy was worth every penny. And it will get paid off as every Democrat with a finger in the pie will find out when their money is taken away from them.
Imagine what spending cuts might do to help shrink that debt.
>>>Maybe tax "revenues" are LESS because the Administration let WE THE PEOPLE keep more of our OWN MONEY?????
That appears to be the case. And I am not saying that is a bad thing. I was just correcting the information in the original post.
Like I said, the tax cuts appear to have spurred growth in the economy with more employed and higher GDP. They simply have not led to increased revenues.
There may be more people with outstanding loans and more filing for bankruptcy - I don't know the numbers in that regard.
I will tell you this though...if you overextend yourself financially by putting too many of your eggs in one basket, you're eventually gonna be in for a rude awakening - regardless of who is in the White House or the size of our budget deficit/surplus.
We are still seeing to this day the results of the corporate excesses promulgated throughout the 1990s and over-reliance on the tech sector as a means of sustaining wealth.
thanks for your explanation.
Revenues fiscal YTD are less than they were in 2001 and 2002:
Actually-- taxes are higher in 2004 than in 2003. The doomergloomers are full of it. We're doing fine and we don't need higher taxes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.