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Politics : The US Deficit -- Ignore unavailable to you. Want to Upgrade?

To: ManyMoose who wrote (4)	10/7/2007 7:01:00 PM
From: Tadsamillionaire	Read Replies (1) \| Respond to of 32

US budget deficit drops to $161 billion chron.com The federal government registered a budget deficit of $161 billion for the just-completed fiscal year, the Congressional Budget office estimated Friday. The 2007 deficit figure represents considerable improvement over the $248 billion deficit posted last year. It's even smaller when compared to the size of the economy — the measure deemed most important by economists. At 1.2 percent of gross domestic product, the fiscal picture is the best it's been since 2001, the last year the government ran a budget surplus. Still, the long-term budget picture is bleak, as federal benefit programs such as Medicare are projected to plunge the government deep into the red as the Baby Boom generation retires. And just last week, President Bush signed into law a measure increasing the government's borrowing ceiling to $9.815 trillion, the fifth debt limit increase — totaling $3.865 trillion — since Bush took office. The administration will release the official deficit figure later this month. "We are glad to see CBO again sees the deficit continuing to decline as it proves we are on our way to surplus by 2012," said Sean Kevelighan, spokesman for the White House budget office. "What's important to reaching that goal is keeping taxes low and maintaining fiscal discipline."