-Borrowed foreign huge $$$ for wars. Japan & China are 2 major creditors. Most creditors are Asian nations
-$350B/yr budget deficit; $2,300B cumulative deficit
-breaks all spending & budget deficit records, even of his own
-Cut funds of lots of domestic programs & state programs
-Cut funds of DoD weapons development program & domestic military bases
-47M without Health Insurance
We, children, grandchildren, great-grandchildren, great-great-grandchildren, great-great-great-grandchildren shall pay Bush's huge war debts for generations to come
You need to get back on the thorazine, psycho.
You're a plagiarizer. You cut and paste from other people's web content without giving credit. And then when you're called on it you go on a psychotic rant.
Quit stealing other people's words and claiming them as your own.
"Ya don't have a clue, do ya!!!!" - Stilanidiot
See, I give credit for other people's quotes. You need to do the same.
All in all, the fiscal news is so good that the tax hike lobby has had to do a bait-and-switch and fret about the "long-term." Somehow this wasn't a priority when Democrats and Republicans alike were trying to kill Social Security reform in 2005. But all of a sudden penury is said to be right around the corner. Well, Congress could always reform those programs, but don't hold your breath. Mr. Bush is proposing a very modest $96 billion reduction in the growth of Medicare and other entitlements over five years, and Democrats are already outraged.
The best news in yesterday's budget may be that Mr. Bush seems to be rediscovering some fiscal nerve. His proposals won't raise taxes, while using the power of the market to combat problems in health care, and putting a tight leash on domestic discretionary programs. Defense gets the bulk of spending increases, as it should in a time of war. Maybe we'll finally get a debate over national spending priorities.
Btw, BBandT is STIL not sold or MOE and JA is at the helm, and April 20 draws near, while Yodee is STIL checking arrears
The other news you won't often hear concerns the soaring tax revenues in the wake of the 2003 supply-side tax cuts. Tax collections have risen by $757 billion, among the largest revenue gushers in history. Receipts, especially from high-income individuals and corporations, have been growing for some two years at nearly twice the rate of spending, which explains the falling deficit. Economic growth is always the key to eliminating red ink, which is why keeping this 63-month expansion rolling needs to be the main domestic priority. This requires making those lower 2003 tax rates permanent, rather than letting them expire in 2010 and socking the economy with the biggest tax increase in history.
The more immediate budget brawl between Mr. Bush and Democrats will be how to divide that mere $2.9 trillion between guns and butter. Mr. Bush wants $245 billion more for Iraq and Afghanistan for 2007 and 2008. His overall Pentagon request of $606 billion in 2008 has been lambasted by Speaker Nancy Pelosi as a "huge number" and Democrats are moaning that their cherished social programs will suffer.
In fact, Mr. Bush's request would only bring defense outlays to 4.2% of GDP, or about 20% of total federal spending. That compares to 4.7% of GDP even under Jimmy Carter, and 6.2% of GDP in 1986 at the peak of the Reagan defense buildup (see bottom chart). Budgets are about setting priorities, and if Democrats agree that defeating terrorism is vital they will put it ahead of funding the National Endowment for the Arts.
April 14, 2007
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The federal budget deficit just keeps shrinking.
Tuesday, February 6, 2007 12:01 a.m. EST
Politicians are typically late in picking up trends, so it will be interesting to see how long it takes Washington to acknowledge the big story in the Fiscal 2008 budget that President Bush unveiled yesterday: To wit, with a little spending restraint, Congress could balance the budget in no time.
You wouldn't know this from all the garment-rending yesterday in response to Mr. Bush's proposal to spend the not-so-meager sum of $2.9 trillion. Our favorite agonist is Kent Conrad, the Senate Budget Committee Chairman, and he didn't disappoint. "The President's budget is filled with debt and deception, disconnected from reality, and continues to move America in the wrong direction," said the Senator who was himself blocked from sneaking nearly $5 billion in "emergency" farm spending into a military construction bill in the final days of the last Congress. The North Dakotan needs to keep shouting disaster in a crowded political theater so he can justify his desire for a big tax increase.
The news Mr. Conrad won't broadcast is that over the past three years the federal deficit has shrunk by 58%. The Congressional Budget Office--not the White House--is estimating that the current year's deficit (for fiscal 2007) will fall to $172 billion. That's not bad given continuing Katrina relief spending, $30 billion for homeland security, and a couple hundred billion or so to fight the war on terror.