Dems Question Gov't Deficit Projections

[DUreader]

http://www.guardian.co.uk/uslatest/story/0,1282,-2909558,00.html



WASHINGTON (AP) - New Bush administration
projections of record federal deficits surpassing
$400 billion seem understated, Democrats say,
because they will probably exclude the future U.S.
operations in Iraq and other long-range costs.

Republican congressional aides said that the White
House's latest budget forecast, to be released
Tuesday, will predict a deficit this year exceeding
$400 billion, perhaps reaching $450 billion. The
administration's Office of Management and Budget
was expected to project a similar figure for 2004,
said the aides, who spoke on condition of
anonymity.

``There's no way OMB can make the budget a
pretty picture,'' South Carolina Rep. John Spratt,
top Democrat on the House Budget Committee,
told reporters on Monday.

The enormous new numbers were certain to
throw gasoline on the political fight over the
budget.

[Gman]

1. Everyone's been expecting $500B+

which is over one half a trillion. The $400B figure is being put out there because it's NOT a half trillion and gives them some cover to say, "the deficit's not a half trillion according to OMB so stop saying that". More propaganda. Rest assured we will run well in excess of $500B deficit this year.

[TahitiNut]

2. A one year deficit exceeds 2 years of 'growth' in GDP.

The estimate 2003 federal budget deficit in excess of $450 billion is, excluding social security trust fund offsets of $150 billion, equal to 5.6 percent of the GDP.

What does this mean?

It means that the federal government under the Busholini Oiligarchy is creating an annual debt that would take two full years of growth in the national economy to pay off — if the economy were growing at an average rate. Which it's not.

Primarly attributable to runaway global military spending and a tax structure that now shifts the burden to those least able to bear it, this is how Junior* bankrupted two companies while further enriching his cronies.

This is appallingly irresponsible.

[Mountainman]

3. Tax cuts increase revenue

That's what the wing nuts keep telling me. So since tax cut no.1 was two years ago, where is the increase in revenue? Will some smart wing nut tell me how that works?


This huge deficit must be because Dems keep spending money. No wait, the rethugs are in charge of the government now not the Dems so it must be them that's spending money. But wait, the rethugs are the party of conservatism and less government spending. So, it must be 9/11. No, that was too long ago to have this effect.

I know! It?s because of the 1999 Clinton recession, which will not go away!

No, the real answer is that the Republicans are the party of irresponsibility lies and deceit.

[TahitiNut]

4. Patch Adams (ot)

Arthur Mendelson: "You're focusing on the problem. If you focus on the problem, you can't see the solution. Never focus on the problem! See what no one else sees. See what everyone chooses not to see... out of fear, conformity or laziness. See the whole world anew each day! "

:-)

[umcwb]

5. Another link for this story...

http://story.news.yahoo.com/news?tmpl=story&u=/dowjones/20030715/bs_dowjones/200307150021000018

"Congressional Republicans were bracing for a grim report. In a memorandum Monday, Republican staffers on the House Budget Committee conceded that projected deficits "are likely to be the highest we've seen in nominal terms.""

[sam sarrha]

6. deficit .....

Bush is behaving like a typical alcoholic with someone elses credit card in a blackout. he sid that he never went to rehab, something like that it was the grace of god and his wife bitch slapping him a lot. having not gone to rehab or AA, he probably not aware of the insidious dynamics of alcohol addiction.