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Politics : I Will Continue to Continue, to Pretend....
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To: Sully- who wrote (23307)10/18/2006 11:07:39 PM
From: Peter Dierks  Read Replies (1) of 35834
 
The Federal deficit is now the lowest in 4 years
Updated 10/12/2006 9:59 AM ET

Welcome news for America: The federal deficit fell to a four-year low in the budget year that just ended, a result President Bush pointed out Wednesday when reminding the public that Republicans are better stewards of the economy than are Democrats.

The administration reported the deficit dropped to $247.7 billion. Bush reminded people that he had made good on a 2004 campaign promise to cut the deficit in half over five years.

"These budget numbers are proof that pro-growth economic policies work," President Bush said.

Republicans are pointing out that the GOP champions tax cuts while Democrats promise to raise taxes if they gain control of Congress.

"There's a difference of opinion in the campaign about taxes," President Bush said, predicting that the GOP still will lead the House and Senate after Nov. 7. "I would like to ... make the tax cuts permanent. And the Democrats will raise taxes."

The Administration pointed out that its tax cuts were critical in spurring the improving economy, and that they helped the nation withstand the 2001 recession left by Clinton, and the 9-11 terrorist attacks. The deficit narrowed sharply because revenues climbed by 11.8%, outpacing a 7.4% increase in spending.

Administration officials said the actual 2006 deficit is down to 1.9% of the gross domestic product. That percentage is below the 40-year average deficit of about 2.3% of the GDP

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