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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Oblomov who wrote (50637)	5/5/2006 3:30:38 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 116555

ROFLOL. Different year, same spin. Every year April shows strong tax receipts (for some reason<G>) and then someone from the White House claims the "deficit is falling!" Last year it was Joshua Bolten: "The U.S. budget deficit is falling, and it is falling fast." Uh, sorry Josh, but you were wrong. Here the facts: For the first seven months of the fiscal year (as of 5/1/2006), the National Debt increased a nominal record $423 Billion (all time record for first 7 months of fiscal year). The General Fund deficit is on pace to be over $600 Billion this year. NOTE: The April surge is mostly due to non-withholding tax payments for stock and real estate sales. I'm surprised the article doesn't mention housing - the Tax Relief Act of 1997 has increased revenue significantly from sales of high priced primary residences.