CBO Estimates $130 Billion US Deficit In First 4 Months Of FY04

[UpInArms]

http://www.quicken.com/investments/news_center/story/?story=NewsStory/dowJones/20040209/ON200402090947000538.var&column=P0DEC

WASHINGTON -(Dow Jones)- The U.S. government ran a budget deficit of $130 billion in the first four months of fiscal-year 2004, the Congressional Budget Office estimated.

This was $32 billion more than the shortfall recorded over the same period last fiscal year.

"Although receipts were about $8 billion higher than in 2003, outlays grew more, rising by $41 billion," the budget office said in a new monthly budget review.

In January alone, the CBO said, outlays were $7 billion greater than for the same period last year, with defense spending accounting for $4 billion to $5 billion of the spending increase.

The CBO is projecting a fiscal 2004 deficit of $477 billion if no other tax or spending legislation is enacted this year. The Bush administration sees a deficit of $527 billion for fiscal-year 2004 using comparable assumptions and a deficit of $521 billion when counting proposed legislation that would increase revenues.

...more...

[Jackpine Radical]

1. Wild-eyed optimism.

$200 bil if it's a dime.

[On the Road]

2. Will They EVER Make an Accuate Projection?

The number of downward revisions is unbelievable. I can't recall anything like it.

[Gunit_Sangh]

3. re Will They EVER Make an Accuate Projection?

Well ya know Clinton couldn't make an accurate projection either!!!!

Of course, his administration couldn't accurately predict the surpluses. But hey ... surpluses, deficits .... what's the difference?


</sarcasm>