The Bush Deficit

…has been cut in half.

The nation’s budget deficit will drop to $205 billion in the fiscal year that ends in September, less than half of what it was at its peak in 2004, according to new White House estimates.

President Bush planned to discuss the figures in an afternoon appearance.

The new figure is considerably smaller than original estimates. In February, the White House predicted that this year’s deficit would be $244 billion because of stronger-than-expected revenue collections. The deficit hit a peak of $413 billion in 2004 and was $248 billion last year.

And with no tax increase? Those on the Left who both decried the Bush tax cuts, while at the same time morphed into fiscal conservatives regarding the spending by the Republican Congress, will have a tough time with this news. Heads may explode if they have to credit Bush with anything let alone tax cuts. Fiscal conservatives who have always been fiscal conservatives will, of course, have no consistency issues with both the tax cut results and with continuing to push for less spending.

Technorati Tags: economy, deficit, tax cuts

Filed under: Conservative • Economics

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