CBO projects $337 billion budget deficit (will RISE due to tax cuts, war)

[Bush_Eats_Beef]

CBO projects $337 billion budget deficit
Figure expected to rise due to tax cuts, hurricane relief, war in Iraq

http://www.msnbc.msn.com/id/11041190/

WASHINGTON - The deficit will reach at least $337 billion for the current budget year, the Congressional Budget Office estimates, and the deficit is likely to go higher because of tax cuts and new additional spending for hurricane relief and the war in Iraq.

The deficit estimated by the nonpartisan CBO was lower than predicted by the White House budget office, which two weeks ago said the 2006 deficit would top $400 billion because of emergency aid for victims of hurricanes Katrina and Rita.

Deficits for 2006-2010 will total $1.3 trillion, CBO predicts, but such “baseline” figures may prove inaccurate because of the rules the scorekeeping agency has to follow when producing its estimates. For instance, the agency does not account for upcoming Bush administration requests for the war in Iraq or additional hurricane relief, which promise to add tens of billions to the 2006 deficit.

Over a longer term, from 2006-2015, CBO predicts a $1.2 trillion deficit, but that presumes President Bush’s signature 2001 and 2003 tax cut bills are allowed to expire at the end of this decade. According to the CBO report, the expiration of the Bush tax cuts would return the budget to a surplus of $38 billion by 2012. Keeping the tax cuts in place would put the government into a $289 billion deficit.

[LittleOne]

1. At first glance I thought he was tied to the chair... not a bad thing :)

[SammyWinstonJack]

4. I wonder what the Hell is so damn funny to him? The destruction of our

economy brought on by his obscene tax cuts for the mega rich and his illegal and immoral neverending war? Real funny, yep! I truly loathe him! :grr:

[LittleOne]

5. It is a great joke on America all right...

Wonder why I am not laughing?

[corporate_mike]

6. joke on Taxpayers :)

[Roland99]

2. Go to NPR's site and check today's interview on Fresh Air with Terry Gross

http://www.npr.org

select Fresh Air from the programs. Former CBO official was interviewed. Audio should be up in about an hour.


MUST HEAR!

[Roland99]

3. And see this thread in Gen. Disc. re: the TRUTH about our GDP!! >>>>

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x243843

[chat_noir]

7. Republican credit card

[SammyWinstonJack]

8. Just how the Hell does the GOP manage to hang onto the

fiscally responsible label, when it's clear they are not? :banghead: