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.
Well, that’s not good news. This must be a fluke. I’ve been hearing how terrible this economy is for so long now, I can’t believe that it would be fueling “impressive tax revenues”. Afterall, as my Democrat friends keep reminding me, we’re not paying enough in taxes as it is.
I mean, we still have a deficit, right? But don’t worry. Democrats have promised that if they gain control of Congress, they will not take any radical steps such as cutting spending or eliminating earmarks… no, they’ll stick to the tried and true… raising taxes.
Bush-era tax cuts would have to be rolled back for those above “a certain level.”
I always love to see the various creative ways Democrats can come up with to say they’re going to raise taxes… without actually saying it.
Congress Daily reported today that the Democratic Party’s ranking member on the House Ways and Means Committee, Rep. Rangel (D) of New York, all but guaranteed tax increases in the Democratic agenda if they take back the house in November. When approached about whether tax increases across the income spectrum would be considered, Rep. Rangel responded, “No question about it.”
It’s their answer to everything.
And maybe we’ll get to live in the joy of budget surpluses again… you know, where the government has taken more of our money than it needs and refuses to return any of it because they can always find a pet project to fund or an entitlement program to expand for the non-producers in our society.