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Politics : Actual left/right wing discussion -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (2546)	10/10/2006 10:33:00 PM
From: one_less	Respond to of 10087

Mix is the right word. This is not an easy topic. <g>

To: DMaA who wrote (2546)	10/11/2006 1:00:22 PM
From: one_less	Read Replies (1) \| Respond to of 10087

Bush rally? ================== Treasury: U.S. deficit fell to $248 billion in '06 Marketwatch - October 11, 2006 12:56 PM ET WASHINGTON (MarketWatch) -- A surge in tax receipts outpaced growth in spending, trimming the size of the federal deficit to $247.7 billion in fiscal 2006 -- the smallest gap in four years, the Treasury Department announced Wednesday. President Bush and congressional Republicans trumpeted the figures as a triumph for the White House's economic policies. "The budget numbers are proof that pro-growth economic policies work. By restraining spending in Washington and allowing Americans to keep more of what they earn, the economy's creating jobs and reducing the deficit, making our nation a more prosperous nation for all our citizens," Bush said at a White House news conference otherwise dominated by questions about North Korea and Iraq. Democrats said the shortfall was nothing to brag about, and that the long-term budget picture remains gloomy. Bush and the Republican-controlled Congress "have raised the statutory debt limit four times in five years, adding more than $3 trillion to the national debt, which today stands at $8.6 trillion," said House Minority Whip Steny Hoyer, D-Md. Bush is scheduled to speak in more detail about the economy and the budget at a White House event in the afternoon. The final figure marked a decline of $71 billion from the $319 billion shortfall recorded in 2005. The fiscal year ended on Sept. 30. Bush boasted that the final figure shows the White House managed to outperform his original goal of cutting the deficit in half by fiscal 2009 from its 2004 projected peak of $521 billion, or 4.5% of GDP. Budget watchers note that the $521 billion projection actually never materialized, with the actual fiscal 2004 shortfall totaling $412 billion. Both receipts and spending grew in 2006 to record levels, according to the Treasury Department. Revenues surged 11.8% to $2.407 trillion, while outlays grew 7.4%, to $2.654 trillion. The final deficit figure was an improvement on the White House's summer estimate of a $296 billion shortfall. Individual income-tax receipts grew by 12.6% from fiscal 2005, to $1.044 trillion. Corporate income tax receipts grew 27.2%, totaling $343.9 billion in fiscal 2006. The figure is a more dramatic drop from the White House's initial February estimate of a $423 billion deficit, which would have been a record in dollar terms. Meanwhile, economic data show "that this economy continues to thrive," said Senate Budget Committee Chairman Judd Gregg, R-N.H. "We have met the president's goal of cutting the deficit in half - three years earlier than planned." Democrats say the flow of red ink remains a daunting problem. "The fact that some are trumpeting this year's deficit number as good news shows just how far we've fallen. Our budget picture today is extremely serious by any measure," said Sen. Kent Conrad of North Dakota, the senior Democrat on the Senate Budget Committee. "Every year, the Bush administration puts out a high deficit estimate at the beginning of the year so that it can claim an improvement at the end of the year. This year is no different. No one should be fooled by the game being played here," Conrad said.