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Posted on 07/28/2008 9:53:26 PM PDT by TheEaglehasLanded
The Bush administration today projected that the budget deficit for FY09 would be $482 billion, more than the record $413 billion deficit recorded for FY04. The figure includes the $151 billion economic stimulus package enacted in February and would total 3.3 percent of gross domestic product. That compares with 3.6 percent in FY04. For FY08, the projected deficit is $389 billion, 2.7 percent of GDP. The projected FY09 deficit is roughly $70 billion more than the $410 billion FY09 deficit estimated in President Bush's budget proposal released in February and about $320 billion more than the $162 billion FY07 estimated deficit. It does not include FY09 funding for the wars in Iraq and Afghanistan that Congress approved this year, totaling $80 billion.
In a document released today on the midyear budget review, the White House said the exclusion of the tax rebates and other provisions in the stimulus package would lower the FY08 figure to only 1.9 percent of GDP. In addition, the paper said, the deficit is "expected to fall sharply after FY09," with the deficits in following two fiscal years only "slightly higher than projected in February." The paper concluded: "These projected deficits are both manageable and temporary if spending is kept in check, the tax burden remains low, and the economy continues to grow." The White House maintains the budget will be balanced by FY12.
Senate Budget Chairman Kent Conrad slammed the new numbers and blamed the increase in part on the tax cuts Bush pushed through in 2001 and 2003, which are scheduled to expire in 2010. Bush "squandered a record surplus on tax cuts for the rich and drove us deeply into deficit and debt," Conrad said in a press release. "And he has dramatically increased our indebtedness to foreign nations like China, Japan, and Saudi Arabia -- which is clearly unsustainable." Conrad added that the debt has pushed down the dollar, causing high gas prices, inflation, and worsening living standards. "If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver, and bronze," Conrad said.
by Humberto Sanchez
489 billion?
How about you turds in the govt. quit spending MY MONEY?
Federal govt. is way too big. cut or gut it by about 65 percent and it will be about the right size then.
I’m hoping McCain will reign in spending.
His joy at reaching across the aisle tells me he won’t.
Not to nitpick, but there’s only been a Republican Majority in both houses of Congress for just a shade over 4 years of Bush’ Presidency. (does “Jumpin Jim Jeffords” jog your memory?)
It’s true. If it wasn’t spending he wanted it was spending he let the RINOs have. A better leader would have made liberal use of the veto pen.
The tax cuts INCREASED federal revenue! And the tax cuts were for all income levels and especially lower and middle income!
And there was only a surplus from 1999-2001 thanks to the Republican Congress under Clinton. Clinton ran a deficit from 1993 to 1998!
And Congress controls spending, Bush can only ask for things. The Democrat now control Congress!
Keep in mind that that budget is the budget of the Democratic-Controlled Congress!
A Constitutional Federal Budget would be well under half the current budget.
So cut taxes by 30% the first few years, and then back to the actual constitutional spending (no “extending debt”). Pay off most of the federal debt in those first few years, and then require (another Amendment) a balanced budget. One that does not allow end-run creative financing to make it look balanced.
Any tax increase (including fees that they don’t call taxes) must be approved by 2/3 majority of both houses, and then receive a majority vote of citizen voters.
Dr. No, Tom Coburn, for president.
Libertarian ping! To be added or removed freepmail me or post a message here.
“The ONLY person running for president this election who seriously talked about the extreme dangers of out of control spending and the impending disaster our nation debt will bring was summarily dismissed by many people as a naive wingnut......”
This was on my mind as well.
Bush has a veto pen. He didn’t use it for six years.
While I agree completely with your sentiment on the stupidity/futility of the $50B in HIV related aid to Africa (like trying to catch water with a sieve), I do sympathize with the 540,000 HIV babies born each year in Africa. I don’t know what the rape victim stats are, but considering the estimates of 58,000 rapes per year in South Africa alone, I suspect there are a lot of HIV infections that way. I’m hoping that our tax dollars are at least reaching a few worthy recipients.
I used to say ‘tax relief’ without government cutbacks was merely ‘tax suspense’.
Humor isn’t my long suit. (grin!)
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