Wednesday, January 26, 2005
White House Admits Another Record Deficit Is Coming...
I love the Bush administration approach to releasing bad news: Release the news, but attach a line of complete bullshit to try and dampen the blow...
The White House says its drive to halve federal deficits by 2009 remains on track, though it projects that the cost of wars in Iraq and Afghanistan will help drive this year's shortfall to a record $427 billion.
The figure, provided by a senior Bush administration official who briefed reporters on condition of anonymity, was among a flood of numbers released Tuesday that underscored a gloomy budget picture.
The nonpartisan Congressional Budget Office said projected deficits for the decade ending in 2014 had grown $503 billion worse than it calculated in September, excluding war costs. The deterioration was chiefly due to tax cuts and hurricane aid enacted since then.
P.S. China has the US dollar by the balls. Tell a friend...
UPDATE: Check out this chart prepared by the non-partisan Congressional Budget Office showing budget deficits/surpluses from 1992 until the present...
Very telling...
|
