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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: Peter Dierks who wrote (13383)	10/18/2006 11:02:06 PM
From: Peter Dierks	Read Replies (1) \| Respond to of 71588

The Federal deficit is now the lowest in 4 years Updated 10/12/2006 9:59 AM ET Welcome news for America: The federal deficit fell to a four-year low in the budget year that just ended, a result President Bush pointed out Wednesday when reminding the public that Republicans are better stewards of the economy than are Democrats. The administration reported the deficit dropped to $247.7 billion. Bush reminded people that he had made good on a 2004 campaign promise to cut the deficit in half over five years. "These budget numbers are proof that pro-growth economic policies work," President Bush said. Republicans are pointing out that the GOP champions tax cuts while Democrats promise to raise taxes if they gain control of Congress. "There's a difference of opinion in the campaign about taxes," President Bush said, predicting that the GOP still will lead the House and Senate after Nov. 7. "I would like to ... make the tax cuts permanent. And the Democrats will raise taxes." The Administration pointed out that its tax cuts were critical in spurring the improving economy, and that they helped the nation withstand the 2001 recession left by Clinton, and the 9-11 terrorist attacks. The deficit narrowed sharply because revenues climbed by 11.8%, outpacing a 7.4% increase in spending. Administration officials said the actual 2006 deficit is down to 1.9% of the gross domestic product. That percentage is below the 40-year average deficit of about 2.3% of the GDP, which measures the value of all U.S. goods and services. This continues a positive trend. The President can rightly state that he has fulfilled his 2004 campaign pledge to cut the deficit in half by the time he leaves office. In fact, he can say he has done it three years early. Back when Bush made his promise, the 2004 budget was predicted to be $521 billion. The actual $247.7 billion deficit was less than half the projected amount. When 78 million baby boomers retire, the cost of Social Security and the Medicare health care program for the elderly will increaser. Yet Democrats have blocked President Bush's attempts to mitigate these rising expenses. The Associated Press contributed to this If you prefer the hateful liberal version go here: usatoday.com