 |
|
wPuri sermonis amator |
|
|
 |
Politics and Pop Culture.
And occasionally informative, amusing, or bizzare non sequiturs.
Matt's in charge here, others can post.
|
|
|
|
|
|
|
|
|
wWednesday, June 11, 2003 |
|
|
|
CBO Expects Deficit to Shatter RecordCongress' top budget analyst warned Tuesday that the government is on track this year for a record deficit exceeding $400 billion, which provides fresh fodder for President Bush (news - web sites) and Democrats to use in their battle over taxes and spending.
The nonpartisan Congressional Budget Office (news - web sites) had estimated last month that the 2003 shortfall would surpass $300 billion. But that was before lawmakers approved fresh tax cuts for families and investors plus aid for cash-strapped states, projected to cost $61 billion this year alone. It also did not fully reflect the economy's malaise, which has constricted revenue.
The deepest shortfall ever, $290 billion, occurred in 1992. This year's deficit will be the second straight, a jarring turnabout from the four consecutive annual surpluses that marked the last years of the Clinton administration. And just so we don't forget - what was it that gave the Republicans a majority in the House in the first place? Ah yes, the "Contract with America". Don't miss their first priority:1. THE FISCAL RESPONSIBILITY ACT
A balanced budget/tax limitation amendment and a legislative line-item veto to restore fiscal responsibility to an out-of-control Congress, requiring them to live under the same budget constraints as families and businesses. Now that the Republicans control all three branches of government, it's nice to see them introduce a new culture of fiscal responsibility to Washington.
Did I say fiscal responsibility? I meant Tax Cuts for the rich. Silly me.
posted by
Matthew Carroll-Schmidt at 12:35 PM
|
|
|
|
|
|
|
