And the deficit just keeps on coming down.
http://biz.yahoo.com/ap/071011/budge...cit.html?.v=17
Quote:
WASHINGTON (AP) -- The Bush administration reported Thursday that the federal budget deficit fell to $162.8 billion in the just-completed budget year, the lowest amount of red ink in five years.
The administration credited the president's tax cuts for helping generate record-breaking revenues but warned of an approaching "fiscal train wreck" unless Congress deals with unsustainable growth in Social Security, Medicare and Medicaid.
President Bush, appearing with his economic team to trumpet the news, noted that the deficit turned out to be $81 billion lower than it was projected to be in February. He said the deficit represents 1.2 percent of gross domestic product -- less than the average of the last 40 years.
"By keeping taxes low we can grow the economy, and by working with Congress to set priorities we can be fiscally responsible and we can head toward balance," Bush said after the meeting across the street from the White House. "And that's exactly where we're headed."
The deficit for the 2007 budget year that ended on Sept. 30 was 34.4 percent lower than the $248.2 billion deficit recorded in 2006, reflecting faster growth in revenues than in government spending.
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"Yankees fans who say “flags fly forever’’ are right, you never lose that. It reinforces all the good things about being a fan. ... It’s black and white. You (the Mavs) won a title. That’s it and no one can say s--- about it.’’
Last edited by dude1394; 10-11-2007 at 11:36 PM.
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