Under Bush's Budget, Deficit Would Decline, Then Mount Again - Bloomberg

[apnu]

Under Bush's Budget, Deficit Would Decline, Then Mount Again

Feb. 6 (Bloomberg) -- Under President George W. Bush's new budget, the federal deficit would decline gradually until 2010 and then start rising again, as the full impact of his requested permanent tax cuts and other proposals is felt.

Bush's budget for the year beginning Oct. 1, presented to Congress today, projects a decrease in the deficit to $183 billion for the year beginning Oct. 1, 2009, from this year's record $423 billion.

If Congress makes Bush's 2001 and 2003 tax cuts permanent, most of the impact won't be felt until after 2011, long after the president has left office. Some of the tax reductions are due to expire at the end of 2008 and the rest in 2010.

(more: http://www.bloomberg.com/apps/news?pid=10000087&sid=ab2mtBjufzg8&refer=top_world_news)

[Atman]

1. 2011? You mean, the campaign year for the 2012 election

The one in which it is assumed a democrat will have been president for the previous four years, cleaning up after Bush?

How conveeeeeeeeeeenient.

[apnu]

2. yeah I picked up on that too (nt)

[Tempest]

3. The deficit reduction is a lie

The cost of the Afghanistan and Iraq wars are not included.

Nor is the true cost of the Repug's drug bill.

Or the Katrina clean-up.

And now RumsFAILed has said the U.S. will attack Iran. Add those costs to the total.

[apnu]

4. all true stuff...

... what sticks to me is that this is Bloomberg poo-pooing Chimpy McDumbass' budget. Kind of a shocker as I walk around the trading floor of my company and count the number of GOP hypocrites with Bloomberg units or services on their desktop computers.

There's a great silence in the financial faithful right now... and I'm loving every second of it. :evilgrin:

[Tempest]

5. I've noticed over the last week

How despite all the "booming economy" talk, the markets haven't responded as you'd expect they would.

They've barely moved over the last week.

And they've dropped in the last month.

[apnu]

6. I believe we're in a denial about a recession... at least officially

the brokers here always talk about this "booming economy" and I keep asking them why the want ads in the newspaper are so huge, and why there seems to be more beggars on the streets downtown. Once more I'm answered by stunned silence. They know that the only people they are bullshitting is themselves. They think that if they stick their heads in the sand on the economy then we can 'ride it out'

Odd, didn't the GOP try to saddle Democrats with the 'head in the sand' moniker? Well, I don't think one can be a member of the GOP unless they are a great hypocrite.

[Tempest]

7. Unofficial recession

Instead of an official recession where economic growth is negative, we're in an unofficial recession where wages are declining and inflation is outpacing wages.

The vast majority of Americans are not benefiting from Bush's economy, and it shows in the polls. More than 60% of Americans say their worse off now than 5 years ago.

[Tight_rope]

8. "Deficit Would Decline.."BULLSHIT"..., Then Mount Again..."ABSOLUTELY!"