Forum Home | Login

terpfan1980

Join Date 08/2004

+13

May's results of Bush fiscal policies

Warning to the Bush bashers (ala the folks that might enjoy: FISCAL CONSERVATIVES ABANDONING BUSH {sorry, I am not gonna link to such trash, find it yourself, or better yet ignore the mis-truths and obvious Bush bashing bias there and find real news, rather than made up facts and conjecture} ), there's not much good news for the bashers in the following news article.

From AP News, found via IWon.com, headline is linked:

May Budget Deficit Declines Sharply

Jun 10, 2:52 PM (ET)

By MARTIN CRUTSINGER

WASHINGTON (AP) - The government ran a deficit of $35.3 billion in May, a little over half the imbalance of a year ago thanks to a continuing surge in tax revenues, the Treasury Department said Friday.
The government's monthly budget report showed that the May imbalance was down 43.5 percent from an imbalance of $62.5 billion in May 2004. This year's deficit was the smallest May imbalance since a deficit of $27.9 billion in May 2001, the last year the government ran a budget surplus.
Through the first eight months of this budget year, which began Oct. 1, the deficit totals $272.2 billion, an improvement of 21.4 percent from the $346.3 billion in red ink run up through the first eight months of the 2004 budget year.
The Congressional Budget Office now says it expects this year's deficit to decline to around $350 billion, a significant improvement from the all-time high in dollar terms of $412.8 billion set last year.
The Bush administration in February was forecasting the deficit would hit a new record of $427 billion this year but administration officials now say the red ink will be well below that figure. The administration will release its new forecast later this summer when it presents Congress with a mid-session review of the budget.
The improvement in the country's balance sheet will help President Bush meet his campaign pledge to cut the deficit in half as a percentage of the total economy by 2009, the year he will leave office.
The budget improvement is coming from a gusher of tax revenues, reflecting the economy's improving fortunes with more people working and businesses reporting higher profits.
Through the first eight months of this budget year, revenues total $1.37 trillion, an increase of 15.5 percent from the same period a year ago. Government spending is up as well, but at a slower pace, rising by 7.1 percent to total $1.64 trillion.
For May, spending totaled $188 billion, up 5.7 percent from May a year ago, while revenues totaled $152.7 billion, a sizable 32.3 percent jump from May 2004.

emphasis added

Additional source for information: http://www.treasury.gov/

Sorry for all of the added emphasis, but I want to make sure this good news is clearly highlighted, as compared to the conjecture and bad wishes of those that write articles like the one obliquely referenced above.

Money keeps pouring into the government, at amounts that liberals can't possibly understand because in their world, things just can't be getting better -- even as they are.

I didn't emphasize the comments in the article that government spending is still up, but even in saying that, there was good news in that the government spending levels weren't rising as quickly as the revenue increases, meaning that if the budget is held even mildly in check, these increased revenues will continue to cut the deficit.

Of course, people like myself (Fiscal Conservatives) are supposed to be abandoning the ship and running away from Bush policies, right?

politics

Locked Post

Advanced Search

Watch this post

Do not email me updates for this post Email me updates for this post

Successfully updated karma reason!

Daiwa

Join Date 07/2001

+351

I guess you knew the lefties would just ignore this, terp. They can be rather predictable.

Cheers,
Daiwa

Successfully updated karma reason!

Yup, Daiwa, it's been a field full of crickets for this one...

Not unexpected though.

Successfully updated karma reason!

Island Dog

Join Date 06/2003

+1048

I'm surprised at all the posts this is getting. Usually good news about the economy or Iraq receives no posts.

Successfully updated karma reason!

I guess this is why the news media prefers bad news, even if they have to create it by putting a spin on things. Bush's administration couldn't possibly be doing something right, now could they? The deficit is a real problem and needs to be brought down. It's good to see some progress taking place in that area.

Successfully updated karma reason!

Welcome Guest! Please take the time to register with us.

There are many great features available to you once you register, including:

Richer content, access to many features that are disabled for guests like commenting and posting on the forums.
Access to a great community, with a massive database of many, many areas of interest.
Access to contests & subscription offers like exclusive emails.
It's simple, and FREE!

View all recent posts

Mark all posts as read Delete cookies created by the forum Return to Top

Stardock Forums v Server Load Time: Page Render Time: