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

To: stockman_scott who wrote (447793)	8/25/2003 8:31:32 PM
From: sylvester80	Read Replies (1) \| Respond to of 769667

NEWS: Deficit seen at $500 billion next year; Pessimistic analysis from CBO expected Tuesday msnbc.com Deficit seen at $500 billion next year Pessimistic analysis from CBO expected Tuesday ASSOCIATED PRESS WASHINGTON, Aug. 25 — The federal deficit, already at record levels this year, will almost certainly get worse next year, congressional budget analysts are expected to say in a report Tuesday. But House Democrats said Monday that the Congressional Budget Office analysis would understate the gravity of the fiscal crisis. THE NONPARTISAN CBO, which has estimated the federal deficit at $401 billion for the fiscal year ending Sept. 30, is likely to project red ink approaching or even surpassing $500 billion next year, said Rep. John Spratt, D-S.C., top Democrat on the House Budget Committee. But Spratt said the actual deficits next year and in the subsequent years could be substantially higher because the CBO generally does not take into account future policy changes such as increased defense costs or new tax cuts. The CBO is expected to lay out various scenarios, including the added budgetary burden if the cost of the war in Iraq and the rebuilding of that country becomes a permanent fixture. The rebuilding of Iraq is not part of current budgetary projections. The CBO in March, in its last long-range projection, predicted a 2003 deficit of $246 billion and an accumulated $891 billion surplus through 2013. The numbers this time are sure to be more pessimistic. [CHART]http://a799.g.akamai.net/3/799/388/0d1a5ec18e2045/www.msnbc.com/news/1960060.gif The Budget Committee Democrats said their analysis shows that the deficit will hit $495 billion in 2004, and will never go below $300 billion in the 2004-2013 period, reaching a total over the decade of $3.7 trillion. If money from the Social Security surpluses now being used to pay for other federal programs is not factored in, the decade-long deficit will be $6.3 trillion, they said. Sean Spicer, spokesman for House Budget Committee Chairman Jim Nussle, R-Iowa, disputed the Democratic conclusions, saying Republicans do have a blueprint for getting the budget back in balance. He said the keys were promoting a strong economic recovery and controlling federal spending and “we’re trying to do both.” The Bush administration blamed the swift reversal from budget surpluses to perennial deficits to the faltering economy, the Sept. 11 attacks and the sharp rise in defense and homeland security costs. The White House says the fiscal situation will improve as the economy, bolstered by the Bush tax cuts, becomes more robust. But Spratt contended that budget projections already assume strong growth of more than 3 percent a year over the next few years. “Even with growth we still have deep deficits getting even deeper,” he said. The CBO numbers, he said, do not take into account the $1.2 trillion that will be lost if tax cuts scheduled to expire over the next decade are made permanent, and another $878 billion in new tax cuts over the decade being sought by the White House. Also not included is a $400 billion Medicare prescription drug benefit Congress is trying to pass this year, increased defense and anti-terrorism spending and addressing natural disasters. This fiscal year’s deficit has already exceeded the old record of $290.4 billion set in 1992 when President Bush’s father was president. Republicans argue that the economy is much larger today than it was then, so the budget shortfall has less of an impact.

To: stockman_scott who wrote (447793)	8/25/2003 9:26:53 PM
From: American Spirit	Read Replies (2) \| Respond to of 769667

Cheney's stifling the energy probe is shameful, a real stinker. Like the White House ordering the EPA not to warn people about the air around Ground Zero. Just toxic people. We'll make sure New Yorkers remember this when Bushies hold their convention in NYC and try to use 9-11 as a campaign theme. Relax a bit about Wesley Clark. No one knows if he's running or what he might do if he were to run. Yes he's attractive, but there are lot of things a candidate needs to succeed that he hasn't shown yet. All we know is he's a great TV commentator with a top-notch military record and a nice smile. I think a lot of people are just eager for new faces and more excitement. But whether Clark is in or out, I'm glad he's speaking out on TV. Every time he speaks, Bush loses support from his base. Remember two, a few weeks ago people thought Joe Biden might run. Another attractive candidate. Didn't happen. Running for president is a huge decision. It's very-very-very hard work, 20 hours a day for a long-long time. It's not something anyone wants to do, it's something some people feel a need to do. Clark doesn't seem very politically motivated. But he certainly is curious.