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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Neocon who wrote (426938)	7/14/2003 5:45:11 PM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 769670

Er... the US Treasury study (showing the US Budget for 2001 under GAAP accounting principles) was hidden away, several levels deep, on the Treasury's Web site... it may not be there still. Goldman's estimate of $14.1 Trillion for our debt over the decade has been bouncing all over the press... I read it at CBS Marketwatch, Wash. Post, and other places. ----------------------------- Federal budget expenditures in the second year of the conservative G.W. Bush's reign are 20% higher than they were when the nation was under the lash of liberal, big- spender Clinton. - "The Congressional Budget Office (under VERY optimistic assumptions: no Iraq expenses, tax cuts expiring on schedule, no Medicare drug benefits, no changes to the AMT, etc.) now expects this year's federal deficit to exceed $400 billion," the Associated Press reports, "shattering the previous record even as President Bush and lawmakers consider creating expensive new prescription drug benefits for Medicare recipients. Only a month ago, the budget office - which is Congress' top nonpartisan fiscal analyst - said for the first time that it believed this year's shortfall would exceed $300 billion...This year will mark the second consecutive one with a budget deficit, following four straight annual surpluses in the second term of the Clinton administration." - Should we be surprised if the deficit soars to more than $500 billion before the year is out? For perspective, the largest budget gap ever was the $290 billion in red ink produced in 1992...We cannot say for certain that the swelling government deficit is bearish, but we would guess that it is not bullish.