Thursday, September 23, 2004

How Can I Be Broke? I Still Have Checks Left.



Study: Bush Budget Adds $1.3T to Deficits

Responding to an election-season request by Democrats, the Congressional Budget Office estimated Thursday that some of President Bush's budget policies plus other costs would add $1.3 trillion to federal deficits over the next decade.
. . . .
The budget office expects deficits to total $2.3 trillion in the decade ending in 2014 if current tax and spending laws continue unchanged. The office has projected that the shortfall will hit a record $422 billion this year alone, with the government's budget year running through Sept. 30.

The red ink would total almost $3.6 trillion over 10 years under the assumptions that Spratt asked them to calculate, the budget office said.

Those assumptions included:

_Bush's plan to extend expiring tax cuts and his other tax-cut proposals;

_The costs of keeping the alternative minimum tax, designed to ensure that the wealthy owe some taxes, from affecting growing numbers of middle-income earners. Bush's budget ignored those expenses;

_Bush's proposed spending restraints on most domestic programs;

_A gradual reduction of U.S. military activity in Iraq and Afghanistan. Bush's budget proposed nothing for those activities.

Under that scenario, projected annual shortfalls during the decade would drop no lower than $312 billion in 2006, rising gradually to $439 billion in 2014, the budget office calculated.

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