Thursday, October 14

Second Straight Record Deficit

The Bush spin will be: We predicted a $500 GAZILLION deficit! The economy is better than expected!

Okay. Not really. They really predicted $445 billion. Instead, it's $413 billion. Sound good? It won't when you see this:


That's our deficit. Doesn't look so little now, does it?
Budget Gap Swells to Record $413 Billion

The U.S. budget gap expanded to $412.55 billion in fiscal 2004, marking the Bush administration's second-straight record deficit, the Treasury Department said on Thursday.

Though the final 2004 figure was the largest budget deficit in U.S. history, it was smaller than the White House's most recent forecast of a $445 billion shortfall given in July and well below the $521 billion it foresaw early this year.

The bipartisan Congressional Budget Office had expected a $415 billion gap in fiscal 2004, which ended Sept. 30.

Thursday's budget announcement came the day after the third and final debate before the Nov. 2 election, where President Bush and Sen. John Kerry squared off on domestic issues, including the budget.