The Federal Budget surplus for Fiscal Year 2000 -- President Clinton's last year -- was $230 Billion. It was the third year in row of surplus. President Bush is celebrating his announcement that the anticipated budget deficit for 2006 will be $248 Billion. This will be the fifth highest budget deficit in history (Bush has the top three and his father is in the four spot). Some will say that maybe cutting taxes for the wealthy, increasing subsidies for oil companies, and increasing spending on thins like the Iraq war weren't such a great idea. They are probably correct, but looking at the President's announcement, I think we can see another, perhaps more fundamental reason, why this administration is so inept at the whole budget thing. From the official White House transcript (and if you don't believe me, watch it here):
THE PRESIDENT: Thank you all. Please be seated. Good afternoon. Thanks for coming to the White House. . . . This morning my administration released the budget numbers for fiscal 2006. These budget numbers are not just estimates; these are the actual results for the fiscal year that ended February the 30th.
Yep. That explains a lot.
1 comment:
The war is not one against "Islamic fascists" or whatever new and popular term they are using today, but a war against the middle class.
While 80 percent of US households got an average $533 extra tax refund because of Bush's tax cuts - the richest 20 percent saved more than $136,000.
And the deficit just keeps on climbing...
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