Now v. Then


October 6, 2006

Budget deficit drops to $250 billion, CBO says

WASHINGTON (AP) -- The federal budget deficit estimate for the fiscal year just completed has dropped to $250 billion, congressional estimators said Friday, as the economy continued 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.

The 2005 deficit registered $318 billion; the record $413 billion deficit was posted in 2004.
At $250 billion, it would be the lowest since the $158 billion figure in 2002, the first deficit following four years of surpluses.

Woo-Hoo! Watch Bushco bounce into the high 30s on this news! "Woo-Hoo! It's not as bad as we thought it was gonna be! Woo-Hoo! We Rock!!".

September 27, 2000

President Clinton announces another record budget surplus

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.
"Eight years ago, our future was at risk," Clinton said Wednesday morning.

"Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

SIGH