the Sugar Conspiracy

Tuesday, August 26, 2003

Didn't we have a surplus when Bush took office?

The federal government is heading toward a record $480 billion deficit in 2004 and will rack up red ink of almost $1.4 trillion over the next decade, according to the latest analysis by the Congressional Budget Office.

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The CBO put the deficit in 2005 at $341 billion, and predicted that the budget will finally return to a surplus in 2012 and 2013. But it also hedged those predictions, saying they were based on the assumption that Congress will allow several tax cuts enacted in recent years to expire in 2010. That is unlikely to happen.

It also does not predict the cost of the war and reconstruction in Iraq or take into account new spending programs, such as a $400 billion Medicare prescription drug plan Congress is now working on.

This kinda thing always seems to be a big issue round about election time . . .

posted by chris at 11:18 AM
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