Federal Deficit Likely to Narrow By $100 Billion

[charrison]

linkage

Smaller-than-expected tax refunds and rising individual tax receipts will pare back federal borrowing significantly for the first half of this year and could reduce the $521 billion deficit projected for the fiscal year by as much as $100 billion, Treasury and congressional budget officials said yesterday.




The Treasury Department's borrowing estimates may prove to be more good news for President Bush on the economic front, as opponents attempt to make his fiscal stewardship a campaign issue. The $184 billion the government is now expected to borrow through June is a 27 percent improvement from Treasury's February projection of $252 billion, the department said.

G. William Hoagland, a senior economic aide to Senate Majority Leader Bill Frist (R-Tenn.), said he dashed off a memo to GOP leadership predicting the 2004 deficit could be trimmed to $420 billion, a record in dollar terms but considerably lower than the White House's $521 billion projection.

 

[tallest1]

G. William Hoagland, a senior economic aide to Senate Majority Leader Bill Frist (R-Tenn.), said he dashed off a memo to GOP leadership predicting the 2004 deficit could be trimmed to $420 billion, a record in dollar terms but considerably lower than the White House's $521 billion projection.

Well, thats all fine and dandy but I'd prefer a conclusion made or even better, a promise - preferably under oath. Predictions like these tend to go nowhere (remember the "prediction" of all the jobs we'd be getting?) under the current administration's reign

 

[BaliBabyDoc]

But as charrison, CkG, and heartsurgeon would readily note . . . the BEST way to control deficits is to spend less. There's little faith in this administration's (or Congress') determination to cut spending. Furthermore, the deficit is likely to be smaller (if and only if) tax cuts are not extended AND we find a quick exit strategies for our foreign follies.

 

[CADsortaGUY]

Originally posted by: BaliBabyDoc
But as charrison, CkG, and heartsurgeon would readily note . . . the BEST way to control deficits is to spend less. There's little faith in this administration's (or Congress') determination to cut spending. Furthermore, the deficit is likely to be smaller (if and only if) tax cuts are not extended AND we find a quick exit strategies for our foreign follies.

Spending cuts would be my choice - yes.

CkG