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LETS SEE, WRITER -- 4 YEAR LOW
meaning we had four years of higher deficits -- under Herr Bush at that -- after Clinton gave us a surplua -- hmmm.

posted by Xeno-x on November 16, 2006 at 9:52 AM | link to this | reply

What says I about the budget? A few quotes from the article you cite:

Excerpts, with salient points highlighted:

The federal government started out its new budget year with a slightly higher deficit than last year as revenues and spending for October both set records.

The budget deficit for the 2006 budget year, which ended on Sept. 30, dropped to a four-year low of $248.2 billion. However, the deficit for the current 2007 budget year is expected to resume rising.

For October, the $49.3 billion deficit was below the all-time October high of $70 billion set in 2003. The government has run a deficit every year in October going back to 1954. Revenues for October were up 12.2 percent from last year to a record $167.7 billion, surpassing the old October record of $157 billion set in 2001.

Spending for October was up 10.3 percent from a year ago to a record for October of $217 billion.

The Bush administration is estimating that the deficit for the current budget year will total $339.2 billion, a sharp 36.7 percent increase from 2006. However, the Congressional Budget Office is projecting a smaller increase which will push this year's deficit to $286 billion.

Bush has presided over the three largest deficits in U.S. history in dollar terms including the all-time high of $413 billion in 2004.

On the Net:

Treasury's monthly budget report: http://www.fms.treas.gov

My take on this?

  • Too much spending. The President needs a line item veto, and needs to use it, and Congressional Republicans had no sense of fiscal responsibility.
  • Revenues and spending both set records for the month last month.
  • Lowest fiscal year deficit in four years.
  • Recession plus September 11 plus response to terrorism equaled deficits.
  • October deficits are not news.
  • The story fails to mention that deficit reduction is years ahead of schedule.

 

posted by WriterofLight on November 15, 2006 at 6:35 PM | link to this | reply

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