Friday, October 06, 2006

The Deficit Drops

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To $250-billion--a high number--in the just completed fiscal year:

The federal budget estimate for the fiscal year just completed dropped to $250 billion, congressional estimators said Friday, as the economy continues to fuel impressive tax revenues.

The Congressional Budget Office's latest estimate is $10 billion below
CBO predictions issued in August and well below a July White House prediction of $296 billion.

The improving deficit picture _ Bush predicted a $423 billion deficit in his February budget _ has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.

Still a high number in my opinion but well below estimates. Anyone who says cutting taxes doesn't work should examine these numbers.

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