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 ...
Comparing an administration to itself is ok, but it only tells you so much. I'd like to see deficit compared to other admins.
Too bad the budget deficit/surplus is a contrived accounting fiction...much akin to the social security "trust fund"...lol...both HOAXES on the masses.
I'm just saying that comparing your own performance against your own performance only tells you so much.
Must have killed the AP and Yahoo to post this.
President Reagan, can you now convinced the big guy to send us a Congress with even a modicum of Fiscal Discipline? Then that number may go from red to black.
Are you willie green is drag?
LLS
Economic growth numbers are inflation adjusted while spending/tax numbers are not. So add 3% or so to the economic growth number to provide a more accurate comparison.
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.
Just like the last administration, this one also ignores the Social Security "trust fund" which is being plundered to the tune of $300 Billion annually.
They all lie.
I wonder if this will lead the news cycle. Naw it will not even be mentioned unless followed by but there is a widening gap between the rich and poor, wages are flat and boy don't look at the unemployment rate cause it is very low.
Does this account for the ongoing theft from the Social Security "Trust" (sic) Fund?
Well stated !
lol
$247.7 Billion is a complete bald-faced lie.
What about the $180 billion or so raided from the Social Security surplus?
How about the Treasury's financial report? Last year that was a $760 BILLION net operating loss. Assuming the same ~70 Billion reduction, that's what, ONLY $690 Billion?
Pocket change!! The GOP is doing a fantastic job
/supreme sarcasm
"Just because Dems spend like crazy doesn't mean it's ok for Repubs to do the same."
And you have to go back to LBJ to find anyone who could compete against the current congress and administration for out of control spending increases....
I'm sure this will be all over the MSM news tonight...
/sarc
Too bad the deficit isn't actually cut in half... at least not if you use any sane accounting rules.
You are correct.
The Clinton "surplus" years were a mirage. The national debt increased in every year of the Clinton presidency. In fact, it's increased every year since Nixon, IIRC.
Something has got to be done about Federal spending. We could be paying down the national debt if it weren't for Washington's sick addiction to pork, bureaucracy and entitlements.
Bush's fault.
Oh, wait a minute...that's a GOOD thing! Must be part of Clinton's "legacy".
Further back than Nixon.
The last year in which the total debt actually decreased was back when Nixon was VICE-president.....
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