Bush Budget Said to Cause $2.75 Trillion Deficits

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&cid=514&e=5&u=/ap/20040227/ap_on_go_pr_wh/bush_budget_2

WASHINGTON - President Bush (news - web sites)'s budget would produce deficits totaling $2.75 trillion over the next decade, the Congressional Budget Office (news - web sites) projected Friday in the first authoritative look at the plan's longer-range implications.


The forecast — $737 billion worse than the budget office expects should Congress ignore Bush's tax and spending plans — is sure to factor into this year's presidential and congressional campaigns.


Bush sent lawmakers a $2.4 trillion budget for 2005 on Feb. 2, but it projected outward only for five years. The White House argues that longer-range forecasts are guesswork, but Democrats say the administration wants to hide future deficits that will career out of control as baby boomers begin to retire.


The nonpartisan budget office also forecast that Bush's fiscal plans would produce deficits of $478 billion this year and $356 billion in 2005. Both figures are smaller than the shortfalls Bush has projected for those years.

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[MidwestTransplant]

1. Must be Friday Afternoon

[pa28]

2. They should be worried

There are more problems on the horizon than there are Fridays.

[ulTRAX]

3. Is the TRUE Bush FY04 Deficit 727 BILLION?

A few weeks ago I was using the 477 Billion unified budget figure for the FY04 deficit... and when SS funds were removed the budget deficit was about 631 Billion.
http://www.cbo.gov/showdoc.cfm?index=1944&sequence=0

But what's this?

Go to http://www.whitehouse.gov/omb/budget/fy2005/tables.html and
scroll down to a table that reads Table S-17

Table S17. Federal Government Financing and Debt
(Dollar amounts in billions)Down in this area there's a chart called
Change in Debt Subject to Statutory Limitation which reads

FY03 FY04
Change in debt held by the public 373 507
Change in debt held by Government accounts 188 219
Total, change in debt subject to statutory limitation 576 727


When SS funds are removed, the Bush budget deficit is projected FY04 deficit $727 BILLION!!! The lower figures represent the bigus unified budget figures. They are bogus since the SS monies have to be repaid.

[Qutzupalotl]

4. And that's not counting the wars.

100 Billion plus and counting. I guess we're supposed to think they're free.

[muriel_volestrangler]

5. Dupe

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x388701