From The Associated Press, 1/23/08:
http://www.newsday.com/news/politics/wire/sns-ap-budget-deficit,0,1177802.story
Govt' Red Ink Expected to Get Deeper
By ANDREW TAYLOR | Associated Press Writer
WASHINGTON -
The latest deficit projections from the Congressional Budget Office
forecast a sea of red ink that will only deepen under plans to
jump-start the economy with tax cuts and government spending.
The CBO, which was scheduled to release its deficit figures on
Wednesday, crunches economic and budget data for lawmakers.
Its latest numbers will probably reflect a boost of at least $250
billion this year due in part to slowing growth in tax revenues,
especially from hard-hit corporations, said a congressional aide
familiar with the upcoming report.
The nonpartisan CBO says the budget deficit will greatly exceed the
$163 billion in red ink registered last year.
Including likely, but still unapproved, outlays for the wars in Iraq
and Afghanistan, the deficit for 2008 would total about $250 billion.
Officially, CBO predicts the 2008 deficit at $219 billion, but that
figure fails to account for at least an additional $30 billion in war
costs and the likely infusion of deficit-financed economic stimulus
measures such as income tax rebates, business tax breaks and help for
the unemployed now under discussion on Capitol Hill and at the White
House.
"Our calculation is the deficit will be over $350 billion when you put
in the stimulus and the war costs," said Senate Budget Committee
Chairman Kent Conrad, D-N.D.
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And you wanna put the Republicans back in office? Shame on you.
Harry
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