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Thread: MERGED: Bush heralds improved deficit figures/4th largest deficit

  1. -1
    BAMAPHIN 22's Avatar
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    MERGED: Bush heralds improved deficit figures/4th largest deficit

    President Bush touted new deficit figures Tuesday showing considerable improvement upon earlier administration predictions, trumpeting it as validation of his tax cuts.

    Bush himself announced the deficit -- a task that has in the past been left to lower-ranking administration officials. The figures show that the deficit for the budget year ending September 30 will be $296 billion -- much better than the $423 billion that Bush predicted in February and a slight improvement over 2005.

    Bush said the improvement is due to tax cuts he pushed in 2001 and 2003 and his clampdown on domestic agencies funded by Congress.

    "These tax cuts left nearly $1.1 trillion in the hands of American workers and families and small business owners. And they used this money to help fuel an economic resurgence that's now in its 18th quarter," Bush said. "Economic growth fueled by tax relief has sent our tax revenues soaring."

    Impressive profits and big income gains by the wealthy are largely responsible for the surge in revenues and, in turn, the deficit drop.

    http://www.cnn.com/2006/POLITICS/07/....ap/index.html
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    ch19079's Avatar
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    so this years budget deficit is almost 296 billion instead of the 423 billion we originally thaught.

    so unless i misread, that is still a yearly deficit of 296 billion.

    its like owing the credit card company $100,000. and you thaught you would have to put another $300 on the card this month, but it turns out that you only have to put $100 on the card. would that make you happy? it wouldn't make me happy. what would make me really happy would be to put $0 on the card each month and actually start to payoff that debt.
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    Quote Originally Posted by ch19079
    so this years budget deficit is almost 296 billion instead of the 423 billion we originally thaught.

    so unless i misread, that is still a yearly deficit of 296 billion.

    its like owing the credit card company $100,000. and you thaught you would have to put another $300 on the card this month, but it turns out that you only have to put $100 on the card. would that make you happy? it wouldn't make me happy. what would make me really happy would be to put $0 on the card each month and actually start to payoff that debt.
    a) all of the above

    b) there is something to be said about intentionally overestimating. You purposely over budget and then come back and say "oh look how good we are".

    It is absolutely ridiculous.
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    zach13's Avatar
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    Quote Originally Posted by FFiB
    a) all of the above

    b) there is something to be said about intentionally overestimating. You purposely over budget and then come back and say "oh look how good we are".

    It is absolutely ridiculous.
    Go back and research the CBO estimates for tax revenues.

    They have continually grossly underestimated the amount of tax revenues that the government will receive.
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    Quote Originally Posted by zachseau13
    Go back and research the CBO estimates for tax revenues.

    They have continually grossly underestimated the amount of tax revenues that the government will receive.
    Ok then they underestimated (purposely?) the tax revenue. Whats the difference? NONE!!!!
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    hahahaha.
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    100% Homer. Don't like it? Get lost.

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    Quote Originally Posted by death7star
    hahahaha.
    what are you laughing about?
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    This is excellent news, and it's a pity that partisanship is preventing some from appreciating it.

    No, it's not as good as hearing that the result is 0 or even a surplus. That doesn't mean it's not good news.




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    Megatron's Avatar
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    Quote Originally Posted by zachseau13
    Go back and research the CBO estimates for tax revenues.

    They have continually grossly underestimated the amount of tax revenues that the government will receive.
    They should, this is not a bad thing. It keeps the economy from falling apart, when you plan for the worst.
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    Jimmy James's Avatar
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    Quote Originally Posted by Megatron
    They should, this is not a bad thing. It keeps the economy from falling apart, when you plan for the worst.
    I think the complaint is that the projection got more conservative after the tax cut than it was before the tax cut.
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