July 11, 2006

Trillions Of Dollars Later

This opening para sure sounds fishy:
The budget deficit won't be as bad as President Bush predicted earlier this year.

A surge in taxes paid by corporations and the wealthy promises to bring the budget deficit to less than $300 billion instead of the $423 billion forecast by the White House in February.
So what happened? Big Money just suddenly decided to stump up on taxes they have been avoiding for years? Or have their profits swelled so massively that they simply cannot avoid handing some of the moolah back in taxes? Or is Bush now over-estimating his losses so the media can report that it wasn't as bad as he expected?
However, the results will likely be less impressive when compared to the $318 billion deficit posted last fall for fiscal 2005. Despite strong revenues, the high costs of the Iraq war and Gulf Coast hurricane relief have weighed on the deficit - as have higher interest payments paid on the national debt.

According to Congressional Budget Office Figures released Friday, revenues are running $206 billion greater than those realized over a comparable period last year.
This is the man who came into office with a 2001 surplus of $5.6 trillion, remember. Where did it go?


Blog Archive