The tax cuts were supposed to cut the deficit in half..... yet we're going to run $300 billion deficits for the next 10 years?
I thought Bush was coming into power with a nice surplus predicted, yet he leaves with record deficits? And the Conservative Right is ok with this?????? It takes a group of Dem. Reps. to push this?
Quote:
For Immediate Release
Wednesday, September 7, 2004
Contact: Eric Wortman 202-226-6857
CBO Projects Grim Forecast
Washington, D.C. - Members of Congress returning to Washington today were met with a rude awakening courtesy of the Congressional Budget Office (CBO). The CBO projected today that the federal budget deficit for fiscal year 2004, which ends September 30th, will set the record for the largest deficit in history at $422 billion.
While the $422 billion deficit is slightly better than was projected earlier in the year, it still sets the record for the largest deficit in history - a record this Congress and administration should not be proud of achieving. CBO projects that the United States will continue to run a deficit of approximately $300 billion a year for the next decade. Additionally, CBO estimates that under current policies the current debt limit of $7.384 trillion could be reached in October 2004, requiring Congress to raise the debt limit for the third time in three years and raising the debt limit to over $8 trillion for the first time in history.
"CBO's warning that Congress will need to raise the debt limit for the third time in three years is a dire warning that our current fiscal policies are not working," explained Rep. Charlie Stenholm (TX), Blue Dog Co-Chair for Policy. "Congress should be required to sit down and figure out how to make things fit within a budget, just like families across the country do every day."
CBO projects that the government will run unified deficits of $1.584 trillion from 2005-2009 under current policies and $2.294 trillion from 2005-2014 under current law. To make matters worse, if all of the tax cuts were made permanent, we would an additional $400 billion in debt over the next ten years.
"CBO's warning that our nation will continue to run $300 billion deficits for the next decade is a far cry from the administration's promises of cutting the deficit in half in five years," stated Rep. Jim Turner (TX), Blue Dog Co-Chair for Administration. "Our nation has never shown such little fiscal restraint in a time of war. It is completely irresponsible to run record-setting deficits at home while our troops are fighting in Iraq and Afghanistan. The result of this wastefulness is that when these brave soldiers come back home, they will have to pay for the war that they just fought. American troops simply deserve better than that."
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I just love people who use the excuse "I use/do this because I LOVE the feeling/joy/happiness it brings me" and expect you to be ok with that as you watch them destroy their life blindly following. My response is, "I like to put forks in an eletrical socket, just LOVE that feeling, can't ever get enough of it, so will you let me put this copper fork in that electric socket?"
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