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WASHINGTON (AP) - The federal budget-deficit picture turned brighter Monday as congressional scorekeepers released new estimates showing the level of red ink for the current fiscal year would drop to $331 billion.
The new report by the nonpartisan Congressional Budget Office, which does budget analysis for lawmakers in Washington, gave the latest proof that surging revenues and a steadily growing economy are combining to bring the deficit down from a record $412 billion posted last year. CBO predicts a $314 billion deficit for the budget year starting Oct. 1.
The report is welcome news for President Bush, who has seen the budget situation during his tenure deteriorate markedly from predictions of unending surpluses when he took office in January 2001.
"The CBO report confirms the dramatic improvement in the 2005 deficit picture that the Administration reported last month," said Scott Milburn a spokesman for the White House budget office. "A strong economy fueled by tax relief is generating stronger-than-projected revenues."
See also these previous posts:
The Bush Tax Cuts Have Resulted in Higher Tax Revenue
Lower Taxes Make the Economy Stronger
Lower Tax Rates Are Resulting In Higher Tax Revenue
A Myth Debunked: Bush Tax Cuts Did Not Favor the Rich
Tax Cuts Work: Government Forecasting Incorrectly Thought Tax Costs Would Reduce Tax Revenue
