CBO sees rising fiscal 2007 U.S. budget deficit

[UpInArms]

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-08-17T140845Z_01_WBT005793_RTRIDST_0_BUDGET-DEFICIT-URGENT.XML

WASHINGTON, Aug 17 (Reuters) - The Congressional Budget Office predicted on Thursday the U.S. budget deficit will rise to $286 billion in fiscal 2007, up from this year's $260 billion projected deficit.

The CBO's fiscal 2007 deficit projection was higher than the $265 billion it projected in March.

The CBO projected the five-year accumulated deficit at $1.4 trillion, up from its March projection of $1.1 trillion.

...a bit more...

[zbdent]

1. and suddenly, with a Dem House and/or Senate

the Republicans will remember that they were against deficits ... and blame the Democrats for all the spending that they approved for Bush since 1/20/2001 ...

[Yupster]

2. I thought the defecit

was around $ 400 - $ 500 billion?

[muriel_volestrangler]

3. I think that higher figure is the "on-budget deficit"

The figures they're giving here are the total of on-budget and off-budget - basically off-budget is the social security fund, ie the current off-budget surplus means more is paid in from the ring-fenced taxes than paid out in social security payments. 'On-budget' is basically what the government spends now and what it takes in to pay for that.

Here's a 2004 document with projections for future years - then they projected a toal deficit of $267 billion, which had changed slightly to 265, but has now jumped to 286.

http://www.cbo.gov/showdoc.cfm?index=4985&sequence=2

[section321]

4. Of course the CBO is predicting that...

Then when the figure comes in at $280 billion Bush will proclaim that he is shrinking the deficit faster then predicted because the actual number was lower then the CBO predicted.

When they say black, see white.
When they say up, see down.
When they say you gain, expect to lose.

Its the only way to interpret our current govt.