Tuesday, September 07, 2004

The federal budget deficit has been underestimated by the Congressional Budget Office (CBO) by over 12%, from a projected $2.01 trillion to $2.29 trillion from 2004 to 2014, as cited in the New York Times (E.L. Andrews, "Bush Unlikely to Fulfill Vow on Deficit, Budget Office Projects," 7 September 2004): "Stripping out all war costs for [Afghanistan and Iraq] after [2005]," the article reads, "the [CBO] analysts said the federal government would save $536 billion over the next five years. But making Mr. Bush's tax cuts permanent, one of the president's top priorities, would cost $549 billion through 2009 and $2.2 trillion through 2014." (The CBO report, "The Budget and Economic Outlook: An Update," is accessible here.)

No comments: