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New Numbers Suggest Bush Administration Should Scratch “Deficit Reduction” From List of “Accomplishments”

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The federal budget deficit will likely be at least $337 billion this year, according to the Congressional Budget Office.

That’s up from $319 billion in 2005, following a record $412 billion in 2004.

And the $337 billion figure is likely understating what the real deficit will be this year. The White House Budget Office is projecting the number will top $400 billion, with the difference coming from costs related to Hurricane Katrina.

But the number could go even higher than that, if other emergency spending measures have to be undertaken. In 2005, the Bush Administration asked for $10.5 billion of emergency spending for Hurricane Katrina and $82 billion for the Iraq and Afghanistan wars.

So can the Bush Administration claim it is conquering the budget deficit? Amazingly, it was just last month that the White House released a “fact sheet” listing the Bush Administration’s “accomplishments,” including “We Remain On Track To Cut The Budget Deficit In Half By 2009.”

That goal seems far-fetched — the CBO estimate for 2006-2010 has Bush missing. But of course, by 2009 Bush will have left office.

How out of control is the deficit? As JABBS wrote earlier this month, the White House will soon ask Congress to raise the government’s debt ceiling, now capped at $8.18 trillion. It will be the fourth time in five years that the administration will seek to increase the debt limit.

Remember, Republicans are the “fiscally conservative” party.

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This item first appeared at JABBS

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About David R. Mark

  • alethinos59

    But they did reduce the taxes major mega-corporations pay – down to – well, it looks like by next year the taxpayers will be paying Wal-Mart and Exxon each year…

    He made sure there were even more loopholes for the rich. He cuts federal taxes, already amazingly low, shifting the burden onto State governments which are often stymied to raise taxes because of rabid local Republicans unleashed in state capitals…

    The rich do indeed continue to get richer.

    Meanwhile our supposedly 1st rate healthcare system is becomingly increasingly a province of the fortunate top 1/3 of this country’s citizens.

    So, even though Bush can’t say a word about reducing government spending he’s got a LOT to crow about! He’s achieved all his HANDLER’S goals… More, more, more for US,US, (not them).

  • gonzo marx

    the numbers don’t deceive…and they show the fiscal situation getting worse and worse…

    amazingly, Afghanistan and Iraq STILL remain out of the main budget, but the costs are still there

    so much for fiscal Responsibility

    and since the GOP controls, House, Senate and WH…there is just NO excuse

    of course, they will cut millions from this social program, headstart..school lunches..anythign that does not effect their constituency

    but JuJu forfend they deal with rampant corporate welfare or the GOP pork fest

    one can only hope that the fiscal conservatives amongst the GOP get their snouts out of the public trough long enough to remember their Principles and begin to balance the national checkbook

    but i wouldn’t bet my lunch money on it

    Excelsior!