Three words....TAX CUTS WORK!
2004: $413 billion 2005: $318 billion 2006: $248 billion 2007: $158 billion
Close readers of this column may recall the top three numbers in the list above from our editorial of July 12, "Incredible Shrinking Deficit." It commented on the mid-session review released by President Bush's Office of Management and Budget, which projected the fourth number, the 2007 federal budget deficit, at $205 billion. Yesterday, the Congressional Budget Office released its own updated estimate for 2007, $158 billion, a deficit even smaller than the White House's July figure. The CBO yesterday also released its latest estimate of the 2007 deficit as a percentage of the Gross Domestic Product, allowing us to update another list of deficit numbers:
2004: 3.6% 2005: 2.6% 2006: 1.9% 2007: 1.2%
Friday, August 24, 2007
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