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Pastimes : Call it Chimponomics.

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To: Baldur Fjvlnisson who started this subject	4/22/2003 4:00:47 PM
From: Baldur Fjvlnisson	of 19

"The budget path took a dramatic turn in 2001, turned monsterous in FY02 as the deficit continues to rocket to a new record size in FY03. The economic recession and tax cuts ended the stupendous tax receipt growth to leave FY02 with the largest percent decline in revenues in over 50 years. The percent growth in FY02 program spending was the largest in 20 years. From a record $237 bln surplus in 2000, the 2002 deficit swelled to $159 bln as a $375+ bln deficit is eyed for the current fiscal year. Added Bush stimulus will worsen the outlook. With the growing deficits come vastly increased Treasury issuance after promise of complete fiscal debt repayment just 2 short years ago." briefing.com

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