Nothing to See Here, Move Along
Posted by Keith_Indy on 12 Oct 2007 at 1:41 pm | Tagged as: Keith's Page, Economics, Domestic Politics
I mean, it’s not like this is as important as what Ann Coulter, or Rush Limbaugh are saying. And certainly not as important as Al Gore getting the Nobel, or Brittany Spears getting monitored visits with her children.
But you know, I thought maybe people would be interested to know this stuff…
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.
…
Both revenues and spending climbed to record levels in 2007. Spending rose by 2.8 percent to $2.73 trillion while revenues rose by a faster 6.7 percent to a record $2.57 trillion, a gain the administration attributed to the economic stimulus from the president’s tax cuts.
If only they could control spending, we could actually have a government that ran a balanced budget. But, hey, they got to buy votes somehow.
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