"The percieved surplus was well over by the time President Bush took office. "
Nice try
...
2001
(Jan-Apr)
Surplus
$71B
The surplus for the first four months of fiscal year 2001 was $71 billion, CBO estimates, $29 billion more than for the same period last year. After adjusting for the shift of certain payments from October into September 2000 (because October 1 fell on a weekend), the improvement in the surplus so far this year was about $22 billion. Even with a slowdown in economic growth, CBO projects a total surplus of $281 billion for fiscal year 2001.
CBO Page
2001
Surplus
$127B
Fiscal year 2001 ended with a total budget surplus of $127 billion. This marks the fifth consecutive year in which the federal government has run a surplus. The surplus, however, was $110 billion less than the amount recorded in 2000—marking the end of eight consecutive years of improvement in the government's bottom line. The off-budget surplus, which encompasses transactions of the Social Security trust funds and the Postal Service, continued to grow, reaching $161 billion, but the government's on-budget accounts recorded a deficit of $34 billion, after showing surpluses for the past two years.
CBO Page
2002
Deficit
$-159B
The federal government recorded a total budget deficit of $159 billion in fiscal year 2002, marking the end of five consecutive years of budget surpluses. The on-budget deficit of $318 billion was $285 billion larger than the on-budget deficit recorded in 2001 while the $160 billion off-budget surplus, which encompasses transactions of the Social Security trust funds and the Postal Service, was about $1 billion less than the corresponding figure for 2001.
proudprimate.com
WTF happened to cause this? Tax cuts
$1.35 trillion tax cut becomes law
CHILD TAX CREDIT
articles.cnn.com |
