Bush brings down deficit!!!

[Opinionater]

IMHO, this is great news for President Bush!!

Only a 331 Billion Dollar Budget Deficit!

$331 Billion Budget Deficit Predicted For U.S.

POSTED: 9:48 am CDT August 15, 2005
UPDATED: 9:49 am CDT August 15, 2005

WASHINGTON -- The federal budget-deficit picture turned brighter Monday as congressional scorekeepers released new estimates showing the level of red ink for the current fiscal year would drop to $331 billion.

The new report by the nonpartisan Congressional Budget Office, which does budget analysis for lawmakers in Washington, gave the latest proof that surging revenues and a steadily growing economy are combining to bring the deficit down from a record $412 billion posted last year. CBO predicts a $314 billion deficit for the budget year starting Oct. 1.

The report is welcome news for President Bush, who has seen the budget situation during his tenure deteriorate markedly from predictions of unending surpluses when he took office in January 2001.

Last year's deficit was a record in dollar terms, though many previous deficits in the mid-1980s and early 1990s were larger when measured against the size of the economy. The White House and most economists say that the more relevant measure of the deficit is to weigh it against the size of the economy. Measured that way, the latest estimates for this year are slightly worse than recent historic averages.

Unlike White House estimates released last month, CBO assumes that Bush's tax cuts are allowed to lapse at the end of the decade. Most of the cuts in Bush's signature $1.35 trillion tax relief law enacted in 2001 expire by 2010, but many lawmakers and the White House assume that they will be renewed by then.

--Lower taxes work. Just like Joe Chalupa's hero JFK said.

[Vashner]

I think a lot of stuff is kinda out of his control...
This is like when Clintons took credit for the 90's IT boom when it really was other forces that did it...
Like right now.. just too many people.. I think people screw like rabbits.. cause more kids = more economy... no amound of democrat "bad wishing" is gonna bring it down. Not even the democrats inside the top broker houses asking for $100 crude. Because Really I guess it is worth 100 bucks.

[Nbadan]

umm..these figures don't include money that will be needed for Iraq and Afghanistan down the road which could add 100's of billions to the yearly budget. Supplemental spending isn't added up into the budget until the end of the fiscal year.

[Trainwreck2100]

It just means we hit rock bottom and couldn't go any lower.