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Fri 15 Oct, 2004 09:15 am
A little something for the fiscal conservatives.
http://www.salon.com/news/wire/2004/10/14/deficit_2/index.html
Quote:2004 deficit hits record $413 billion
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By ALAN FRAM
Oct. 14, 2004 | WASHINGTON (AP) -- The federal deficit surged to a record $413 billion in 2004, the Treasury Department announced Thursday, injecting the figure into a presidential campaign in which the two parties have clashed over President Bush's management of the economy and the budget.
The number was a significant improvement from the shortfalls that analysts projected earlier this year, including a $521 billion estimate the Bush administration made in February. In March, the nonpartisan Congressional Budget Office estimated a deficit of $477 billion.
Both the administration and the Congressional Budget Office had lowered their deficit forecasts as the year progressed, largely due to stronger than expected revenue collections.
Even so, the final deficit figure released Thursday easily surpassed the previous record in dollar terms, a revised $377 billion deficit that was run up last year.
In a statement, Treasury Secretary John Snow cited improving economic data and said the budgetary improvement shows Bush is on track to halve the deficit over five years as he has promised.
"All of this shows that the president's tax relief initiatives are having the intended effects," Snow said.
Democrats disagreed.
"There is simply no credible way to present the largest deficit in history as good news," said Rep. John Spratt of South Carolina, top Democrat on the House Budget Committee. "The Republicans control the House, the Senate and the White House, but today's news proves again they have failed to control the budget."
Hee hee! Jinx, FreeDuck.
You got it first, I'll delete mine...
Doh! I scanned to see if it was already up too. Dern it.
Oh, we posted within seconds of each other. And yours was first.
Anyway, obviously I think this is important, too -- more important than the board member of the Republican Unity Convention, an activist organization dedicated to making homosexuality a "non-issue" within the GOP, and who has been discussed in highly public arenas by Cheney as part of why he is at odds with his President on DOMA, being mentioned in positive terms by Kerry in response to a question on the subject during the debate.
Ahem.
I think that figure is misleading, it's a record figure but not a record deficit.
Well, adjusted for inflation it's the highest since... (my article said, and now I can't find it.) Before WWII, I think.
Found it. WWII, yep. (Have only found the summary box so far, not the whole article -- that's so annoying how things appear on Yahoo for a bit, the link is temporary, but then you can't find the darn things once it's not on the home page... anyway.)
http://nytimes.com/aponline/national/AP-Budget-Deficit-Summary-Box.html
Quote:THE DEFICIT: The federal deficit for 2004 has soared to $413 billion, easily surpassing the previous record in dollar terms the revised $377 billion shortfall of 2003. When inflation is factored out, the 2004 deficit is the largest since World War II.
Ah, here's the whole thing:
http://nytimes.com/aponline/national/AP-Budget-Deficit.html
Here's the other part I thought was of note:
Quote:The Treasury released the deficit figure the same day it announced the government has begun using accounting procedures to avoid hitting the $7.4 trillion statutory national debt limit.
Eager to avoid a fight that would let Democrats call attention to the government's red ink, Republican leaders have put off consideration of legislation to boost the government's borrowing authority until after the elections.
``Given current projections, it is imperative that the Congress take action to increase the debt limit by mid-November'' when ``all of our previously used prudent and legal actions to avoid breaching the statutory debt limit will be exhausted,'' Snow wrote House and Senate leaders of both parties.
Snow's actions were taken with the total national debt at $7.379 trillion on Wednesday, the latest day available, just $4.1 billion below the current limit set by Congress of $7.384 trillion.
When the government runs an annual deficit, it must borrow money to finance its operations, driving its accumulated debt ever higher.
The government spent $2.292 trillion last year and collected $1.88 trillion in revenue, the Treasury Department said.
Wow, soz. I think I should've deleted my link instead. Yours is much more in-depth. For instance, I didn't realize our national debt has gotten that close to the limit.
There is a rational behind the spending policies of this irresponsible administration. The idea is to so cripple the federal financial condition that the government is incapable of initiating or sustaining social programs such as those enacted in the 1930's and 1960's.
Acquiunk wrote:There is a rational behind the spending policies of this irresponsible administration. The idea is to so cripple the federal financial condition that the government is incapable of initiating or sustaining social programs such as those enacted in the 1930's and 1960's.
I think I've read something along these lines before. The idea is that when it comes time to pay the piper we won't be able to cut defense (the biggest chunk of the budget) because we'll be at this never ending war on terror, so we'll have to cut domestic funds.
Yep.
I'm getting so depressed...
At least they are consistent in their approach to problems. 'Destroy it in order to save it' seems to be the one size fits all solution to every problem this administration has ever been faced with.
Good point.
I gotta go do more volunteer for Kerry more, no use sitting here kvetching when I could be doing something proactive.
Is that bowel movement? That's what it makes me want to do too.
FreeDuck wrote:At least they are consistent in their approach to problems. 'Destroy it in order to save it' seems to be the one size fits all solution to every problem this administration has ever been faced with.
except right to life, where the polar opposite holds true.....
Heh. I guess you could look at it that way. Or destroy the life that exists in order to save one that doesn't yet.... so that you can destroy that one too, later.
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