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Federal deficit now lowest in 4 years
Yahoo ^

Posted on 10/11/2006 7:25:30 AM PDT by Sub-Driver

Federal deficit now lowest in 4 years

By MARTIN CRUTSINGER, AP Economics Writer 4 minutes ago

The federal budget deficit, helped by a gusher of tax revenues, fell to $247.7 billion in 2006, the smallest amount of red ink in four years.

The deficit for the budget year that ended Sept. 30 was 22 percent lower than the $318.7 billion imbalance for 2005, handing President Bush an economic bragging point as Republicans go into the final four weeks of a battle for control of Congress.

Both spending and tax revenues climbed to all-time highs. The sharp narrowing of the deficit reflected the fact that revenues climbed by 11.7 percent, outpacing the 7.3 percent increase in spending.

The 2006 deficit was far lower than the $423 billion figure the administration had projected last February and also represented an improvement from a July revised estimate of $295.8 billion.

It was the smallest deficit since a $159 billion imbalance in 2002, a shortfall that came after four straight years of budget surpluses, the longest stretch that the government had finished in seven decades.

Since that time, the government has recorded three of the biggest deficits in history in dollar terms including an all-time record of $413 billion in 2004.

The reason for the improvement this year was the big jump in revenues, propelled by strong economic strongth.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: thebusheconomy; wgids
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Nancy Pelosi is sadden......
1 posted on 10/11/2006 7:25:31 AM PDT by Sub-Driver
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To: Sub-Driver

Too bad we're spending like a drunken sailor or there would be nearly no deficit. Thx Repubs!


2 posted on 10/11/2006 7:26:22 AM PDT by Sir Gawain
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To: Sub-Driver
Democrat reaction:


3 posted on 10/11/2006 7:28:33 AM PDT by SoFloFreeper
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To: Sub-Driver

4 posted on 10/11/2006 7:29:17 AM PDT by The G Man (The NY Times did "great harm to the United States" - President George W. Bush 6/26/06)
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To: Sir Gawain

It's that big a deal when you're only comparing it against yourself. I mean, fine, it's down compared to your bigger spending years. Fine.


5 posted on 10/11/2006 7:29:38 AM PDT by Huck (There is a $2.00 service charge for this tagline---do you still wish to proceed?)
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To: Huck

sorry, meant to say not that big a deal. how does the deficit compare to, say, the 1990s?


6 posted on 10/11/2006 7:30:22 AM PDT by Huck (There is a $2.00 service charge for this tagline---do you still wish to proceed?)
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To: Sir Gawain

War does create "drunken sailors".


But seriously, this dramatic reduction in the deficit is great news, news that should be touted in the MSM, but you won't see me holding my breath waiting, or for the MSM to give credit to Bush tax cuts.


7 posted on 10/11/2006 7:32:58 AM PDT by YaYa123
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To: Sub-Driver

So spending and tax revenues are outpacing economic growth at least two to one. That doesn't sound so great to me.


8 posted on 10/11/2006 7:33:52 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Huck
Why would you compare the 90's deficit to today?

Is there any relevant comparison there?

9 posted on 10/11/2006 7:34:10 AM PDT by Lakeshark (Thank a member of the US armed forces for their sacrifice)
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To: Huck

To be true to our principles, we should have let Alqueda overrun the country, instead. /sarc


10 posted on 10/11/2006 7:35:23 AM PDT by ClaireSolt (Have you have gotten mixed up in a mish-masher?)
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To: Sub-Driver

Wow! The AP story just a few hours ago said the 2006 deficit was $250 B..and now its down to $247.7B In just a few short hour's time.


11 posted on 10/11/2006 7:35:35 AM PDT by RonnG
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To: YaYa123
War does create "drunken sailors".

WWII did so legitimately, but GWB was a big spender long before the current war, which takes up only a tiny fraction of the GDP that WWII did.

12 posted on 10/11/2006 7:35:45 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: YaYa123

Compared to seriously big wars, this ones a pimple on our buttocks. No excuse.


13 posted on 10/11/2006 7:40:34 AM PDT by zarf
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To: Sir Gawain

> Too bad we're spending like a drunken sailor or there would be nearly no deficit. Thx Repubs!

Yep. I'm not impressed that the spendthrift jerks in Congress are only losing money at the shocking rate of 4 years ago, and not the ludicrous rate of last year.

Not that the Democrats would do any better, but dang-- we're supposed to be the party of fiscal solvency. What a joke.


14 posted on 10/11/2006 7:41:32 AM PDT by VictoryGal (Never give up, never surrender!)
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To: Sub-Driver
The reason for the improvement this year was the big jump in revenues, propelled by strong economic strongth.

But...I thought the tax cuts were supposed to be BAD for revenues!!!

15 posted on 10/11/2006 7:42:06 AM PDT by JRios1968 (Tagline wanted...inquire within)
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To: Sub-Driver

The so called "four years of surplus" fairy tale repeated here is part of the standard Clinton legacy building, and is nonsense.

The surplus only existed because of the absurd accounting rules used by Congress and the President. If more rational accounting rules were used, say those that required for incuding future pension liabilities (like, for instance the rules the Government requires OTHER big entities like GM and Ford to use) then the so-called "surplus" would have been revealed as a very deep deficit.

I was gratified to see this finally admitted this summer in a front page USA Today story.

Anyone can verify this easily be visiting the Bureau of the Public Debt. You will note that despite (two, three, four!!) years of Clintonian "surplus" the actual debt of the USA increased EACH AND EVERY YEAR of his era of cheap sex in the White House.

I now return control of your screen to the lying MSM and their sock-puppet reporters. (Economics reporter! HA!)


16 posted on 10/11/2006 7:42:19 AM PDT by Jack Black
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To: zarf

Puppet shows and games for hurrican non-victims: $22.6 million


17 posted on 10/11/2006 7:42:56 AM PDT by SlowBoat407 (A living insult to islam since 1959)
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To: Sir Gawain

I'm with you. A $247.7 billion dollar deficit is nothing to celebrate. It just brings us to hell at a little slower rate than lets say a $450 billion dollar deficit.


18 posted on 10/11/2006 7:44:38 AM PDT by kenn5
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To: Sub-Driver
propelled by strong economic strongth

I'm stuned. I didn't know we had any strongth.

19 posted on 10/11/2006 7:45:11 AM PDT by neodad (USS Vincennes (CG-49) Freedom's Fortress)
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To: Sub-Driver
But, but , but... IT CAN'T BE TRUE!!!! The Democrats told us that "Bush's tax cuts for the wealthy" would result in an ocean of red ink! John Kerry told us so! He wouldn't lie, would he?

< /sarcasm>

Anyone care to guess how the mainstream media is going to play this:


.

.

.

.


If you guessed, "They'll say that Republicans only claim that tax cuts led to higher revenues, and it's all temporary anyway..."

Come on down!! You've won today's grand prize on "Dinosaur Media Showcase"! (Tell 'em what he won, Sandy... )

20 posted on 10/11/2006 7:45:48 AM PDT by andy58-in-nh
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To: Jack Black
If more rational accounting rules were used, say those that required for incuding future pension liabilities (like, for instance the rules the Government requires OTHER big entities like GM and Ford to use) then the so-called "surplus" would have been revealed as a very deep deficit.

If the same rules were used consistently, the drunken-sailor spending of this regime would be even more obviously outrageous.

21 posted on 10/11/2006 7:48:07 AM PDT by steve-b (It's hard to be religious when certain people don't get struck by lightning.)
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To: YaYa123
"War does create "drunken sailors."    "WWII did so legitimately..."

According to the dedicated misery mongers from the loony left, all news is bad news and it doesn't matter if the deficit is going up or going down.   Those of us who work for a living see increased income and reduced debt as well, good!

--but that's just how we see it...

22 posted on 10/11/2006 7:51:13 AM PDT by expat_panama
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To: Huck
The 1990's BEFORE THE 911 Attacks which cost our economy trillions, before the disclosure of 100's of companies inflating their earnings (which began under Clinton's watch), before the collapse of the tech industry and before the war on terror began / fighting two wars in Afghanistan and Iraq (While Clinton let the Al Qaeda grow, train more terrorists and ignored about 8 times to kill Osama).

Anyone that trys to compare the deficit of the 1990's, is like Clinton and wants to rewrite history and forget about some of the facts that have led to this deficit. it is going down, that is all that matters.
23 posted on 10/11/2006 7:54:16 AM PDT by jrooney ( Hold your cards close.)
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To: kenn5

It is going down. What do you think will happen with a Pelosi house and a Reid senate??????


24 posted on 10/11/2006 7:56:07 AM PDT by jrooney ( Hold your cards close.)
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To: Sir Gawain

What do you think Pelosi and Reid will do if in power? There are other contributing factors to the deficit. See post #23, unless you want to try and rewrite history.


25 posted on 10/11/2006 7:57:47 AM PDT by jrooney ( Hold your cards close.)
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To: Sub-Driver; All

Just see how much we're spending

http://www.fedspending.org/faads/tables.php?tabtype=t2&year=2005&subtype=t

-- how much would you be able to cut if you were in charge?


26 posted on 10/11/2006 8:01:12 AM PDT by soccer_maniac (OPEC gets $620 billion/year - How much are you contributing ?)
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To: jrooney
What do you think Pelosi and Reid will do if in power?

What does that have to do with Republican spending, Mr. Strawman?

27 posted on 10/11/2006 8:02:19 AM PDT by Sir Gawain
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To: Sir Gawain

Sky is falling nothing good ever happens I am so depressed its ALL REPUBS FAULT whiner, democrats will make it worse and there are contributing factors that led to the deficit besides repubs over spending, unless you want to pull a Clinton and rewrite history.


28 posted on 10/11/2006 8:13:22 AM PDT by jrooney ( Hold your cards close.)
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To: jrooney
"What does that have to do with Republican spending,"

Apparently Mr. Big-government-liberal hates republican tax cuts-- no matter how low the deficit goes.

29 posted on 10/11/2006 8:17:28 AM PDT by expat_panama
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To: Sir Gawain

Besides your point carries no weight from the "European Message Board." Take a hike. Our economy kicks the crap out of all of Europe's combined. You must be you jealous.


30 posted on 10/11/2006 8:20:24 AM PDT by jrooney ( Hold your cards close.)
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To: expat_panama

It is amazing. We have low taxes, great job growth, low unemployment, a strong econmy and the deficit is going down and out come the whiners about over spending. Well, if the deficit is going down, they are no longer over spending, so these freepers should get over it because IT IS OLD NEWS.


31 posted on 10/11/2006 8:22:38 AM PDT by jrooney ( Hold your cards close.)
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To: jrooney

So the Clinton years were really a big deficit? Who controlled Congress during the Clinton years? Oops. Two wrongs don't make a right. Just because Dems spend like crazy doesn't mean it's ok for Repubs to do the same. Well it's not ok to anyone but party hacks such as yourself.


32 posted on 10/11/2006 8:27:01 AM PDT by Sir Gawain
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To: jrooney
Besides your point carries no weight from the "European Message Board." Take a hike. Our economy kicks the crap out of all of Europe's combined. You must be you jealous.

ROTFL you assume too much. Who said I lived in Europe?

33 posted on 10/11/2006 8:28:04 AM PDT by Sir Gawain
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To: jrooney
Well, if the deficit is going down, they are no longer over spending, so these freepers should get over it because IT IS OLD NEWS.

They're no longer over spending? I'm sorry. Did you forget the concept of a deficit? The fact that there is one AT ALL means they are over spending!

Personally, I love how all the sheep here don't hold their "conservative" party accountable to the supposed values that got them elected. By saying it would be worse with the Dems (which it would), you're basically excusing the betrayal of conservative values. And that's why no one - not even a Republican - will ever deem in necessary to curb the pork barrel spending that is so rampant in Washington. Because all of you just tow the party line and say, "That's OK. At least the Democrats aren't in office."

It seems you've accepted the fact that our country is going to be lost. You're just comfortable with the fact that with the Reps, it'll just take a little longer.
34 posted on 10/11/2006 8:29:39 AM PDT by libertarianPA (http://www.amarxica.com)
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To: Sir Gawain
I understand, you are European and you can not read my posts. That is okay. I never wrote Clinton had a large deficit. BTW the repubs controlled the purse strings and balanced the budget then, not Clinton. Other factors since Bush took office contributed to our deficit. Why would someone from a "European Message Board" care about our economy , UNLESS YOU ARE REALLY, REALLY JEALOUS because all of Europe can not get their act together. We have lower taxes than you, we have lower unemployment than you and our econmy runs circles around yours.

Your little posts here to try and depress the conservative vote in our elections will not work. Now get back to your Chirac back rub.
35 posted on 10/11/2006 8:33:55 AM PDT by jrooney ( Hold your cards close.)
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To: libertarianPA

If the deficit is going down, that means we are making more than we are spending. OKAY.


36 posted on 10/11/2006 8:34:52 AM PDT by jrooney ( Hold your cards close.)
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To: jrooney

I see it's not that hard to confuse you. The flag I fly on my profile means nothing. I think I'll change it to Japan now. I'm kinda bored with the EU one. Hope that doesn't throw you off too much.


37 posted on 10/11/2006 8:36:17 AM PDT by Sir Gawain
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To: jrooney

I don't know who taught you economics, but they should have their teaching license revoked. If, by the end of 2006, there is a zero deficit, THAT means we are making more than we're spending. The deficit is LOWER than it was last year. Those two words, "the" and "deficit", mean that there IS a deficit, and by default, we are still overspending!


38 posted on 10/11/2006 8:38:35 AM PDT by libertarianPA (http://www.amarxica.com)
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To: libertarianPA

I think you're wasting your time.


39 posted on 10/11/2006 8:39:04 AM PDT by Sir Gawain
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To: Sir Gawain

Not all all. It just shows me your maturity level. It is prepubesence.


40 posted on 10/11/2006 8:39:19 AM PDT by jrooney ( Hold your cards close.)
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To: ClaireSolt

Letting AL Qaida "overrun" us is the alternative to deficits?

Nice conservative principles we are showing here!


41 posted on 10/11/2006 8:41:11 AM PDT by ivy (If you can't bomb the enemy at a funeral, then why are you fighting the war?)
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To: jrooney

I'm deeply hurt that you don't approve of what flags I fly.


42 posted on 10/11/2006 8:41:53 AM PDT by Sir Gawain
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To: ivy

Libby PA and Sir Gawain are not conservaitives, they do not even play one on TV. They are here trying to make the case for a change. It will not work though.


43 posted on 10/11/2006 8:43:16 AM PDT by jrooney ( Hold your cards close.)
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To: jrooney

"What do you think will happen with a Pelosi house and a Reid senate??????"

I will answer this with another question, "Why has government spending gone up at a much greater rate with a republican presidency and congress than anytime since WWII?" I don't think Pelosi and Reid will control spending any better or worse than Hastert or Frist. The republicans and democrats both like stealing our money and then borrow more.


44 posted on 10/11/2006 8:44:46 AM PDT by kenn5
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To: Sir Gawain

I could care less. If you change flags, like you change your underwear, it shows you have zero loyalty to anyone but yourself. Which means you are a liberal.


45 posted on 10/11/2006 8:44:51 AM PDT by jrooney ( Hold your cards close.)
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To: Sir Gawain
I think you're right.

Eh. It wouldn't be the first time.
46 posted on 10/11/2006 8:46:12 AM PDT by libertarianPA (http://www.amarxica.com)
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To: Jack Black

Heres the other issue no one talks about during the 90s. Infrastructure. Since Bush has been president, the media and the Dems have talked about all the infrastructe that needs to be done, schools rebuilt, roads done. Why didn't Clinton use the surplus to fix these problems?


47 posted on 10/11/2006 8:46:31 AM PDT by art_rocks
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To: kenn5

Boy all you Buchannon libertarians come out at once. News for you guys, Buchannon could not get 1% of the vote if he tried.


48 posted on 10/11/2006 8:47:07 AM PDT by jrooney ( Hold your cards close.)
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To: jrooney

I'm sure I'm more conservative than you are. So much so that I actually hold "conservatives" accountable for betraying those values.


49 posted on 10/11/2006 8:47:54 AM PDT by libertarianPA (http://www.amarxica.com)
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To: libertarianPA

I doubt it. I am not an one issue voter. I am very conservative but am able to look at all the issues at once, not just the deficit. Vote libertairan this time around. I am sure they will get about .000001% of the vote.


50 posted on 10/11/2006 8:50:00 AM PDT by jrooney ( Hold your cards close.)
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