Friday :: Mar 7, 2003

CBO Confirms Bush Has Broken the Bank

by Steve

While Bush and Karl Rove keep us distracted by the Iraq invasion countdown, the CBO confirmed today that Bush is knowingly saddling us with deficits that our kids will be paying off.

President Bush's proposed new round of tax cuts and the rest of his budget would produce a string of federal deficits over the coming decade totaling $1.82 trillion, the nonpartisan Congressional Budget Office projected on Friday.

The congressional analysts projected that under Bush's proposed tax and spending plans, there would be deficits of $287 billion this year and $338 billion in 2004. They would then begin a gradual decline to $102 billion by 2013.

The figures exclude the costs of possible war with Iraq and its aftermath, which analysts and government officials have said could exceed $100 billion.

The budget office also said that without any of the tax and spending changes proposed by Bush, there would be deficits of $246 billion this year and $200 billion in 2004.

Those figures were about $50 billion worse for each year than forecasts the congressional office made in January, reflecting a continued weakening of federal revenue collections and higher spending that Congress has approved.

The CBO is projecting deficits well beyond 2013, even factoring in Bush’s alleged stimulus packages. And again, these figures do not include the costs of the Iraq invasion or occupation and nationbuilding. Plus, we already know that we are not fully funding the needs of Afghanistan.

The Center on Budget and Policy Priorities released a study on Wednesday that shows the deficits from Bush’s tax cuts dwarfs the known deficits coming in the Social Security and Medicare programs, which means that this man in two short years has spent not only the monies needed to fix both programs (so much for the lockbox) but has squandered everything for decades.

This has been an under-the-radar issue for Bush, and understandably so for months. But the Democrats need to hammer this fiscal irresponsibility theme from now on, leading into the election.

Steve :: 2:25 PM :: Comments (1) :: Digg It!