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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (145599)1/23/2002 2:49:37 PM
From: Haim R. Branisteanu  Read Replies (1) of 436258
 
Sound CBO accounting - then why blame Enron??? - only $4 trillion evaporated or 45% of US GDP

MASSIVE PLUNGE

The $1.6 trillion surplus forecast through fiscal 2011 marks a massive $4 trillion plunge from the $5.6 trillion 10-year surplus the CBO projected a year ago, before the tax cuts were passed.

Crippen said about 60 percent of that decline was due to the tax cuts and additional discretionary spending and their effects on paying interest on the federal debt, while the economic outlook and various technical revisions since last January account for the other 40 percent.

For this fiscal year, he said more than 70 percent of the $300 billion plunge from projected surplus to deficit was caused by ``the weak economy and related technical factors.''

Crippen said an effective economic stimulus package ``could make a substantial difference in the bottom line. It is the weakness in the next year or two that contributes substantially, particularly in the short-run, in the change in our outlook.''

He also said the bigger surplus outlook toward the end of the decade, which contributed to the much brighter outlook through 2012,was based on the most uncertain forecasts.

He said almost half of the 2003-2012 projected surplus of $2.3 trillion comes from the last two years, and also reflects the scheduled expiration of tax cuts in 2010 that many lawmakers expect to be extended.

biz.yahoo.com
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