U.S deficit down almost $100 billion proves Bush's tax cuts are working

Bush predicts budget gap closing

BBC


US President George W Bush has said that the nation's large budget deficit will be $94bn (£53bn) less in 2005 than originally projected.
The White House now sees a deficit of $333bn for the fiscal year to October, after the Office of Management and Budget's (OMB) "mid-session" update.

Mr Bush also said the government was still on track to cut the deficit in half by 2009.

The news came on the back of increased tax revenues in recent months.

In February, the administration had estimated a projected budget deficit of $427bn for 2005.

Link to entire article

I'd be so embarrassed if I was someone who doubted tax cuts.

[edit on 14-7-2005 by NWguy83]

A debt of $333 billion is still a record deficit.

Just because it isn't as bad as was thought, doesn't mean it isn't bad.

Let's look at the overall debt and trade deficit.

www.epi.org...



Those tax cuts aren't helping anything.

A stronger dollar helps but has nothing to do with the tax cuts.

www.marktaw.com...

As you can see the deficit is still enormous.



$92 billion is chump change.

It is just spin.

Bush's tax package was passed three years ago and tax revenues have dropped in each of the three subsequent years. Tax revenues are at the lowest levels in 40 years.

The unexpected surge wasn't due to increased payroll taxes from higher wages--which is what the tax cuts were intended to stimulate. The tax increase was due to one-time events such as the expiration of certain investment tax breaks. Also, last year was a good year on Wall Street and low interest rates kept home sales vigorous. Taxes collected on bonus checks and real estate sales increased--this won't be the case in 2005.

Also, the Bush tax package passed last year created a huge tax break for multinational corporations. This will surely have a negative impact on tax revenues and increase the deficit next year.

Originally posted by lmgnyc
It is just spin.

Yep.
The original poster is so easily duped or is working for the state.

If I project the price of a car at $60,000 and then tell you I can save you
$10,000 and the car will cost you only $50,000. Do you actually believe that
the car really cost $60,000 in the first place?

Wake up and smell the rot!

Also with these "federal tax cuts", taxes in every city, of every county, of every state have gone UP.



[edit on 14-7-2005 by Legalizer]

How come those 'projections' are suddenly supposed to be so believable and accurate now?