WASHINGTON - After three years of steadily climbing budget shortfalls,
President Bush finally had some good fiscal news Wednesday: Surging revenues and a steady economy have led to a steep drop in the expected deficit for this year.
The annual White House midyear budget report projects that this year's deficit will drop to $333 billion, $79 billion below last year's record red ink and almost $100 billion less than earlier estimates.
Bush said the improving deficit picture vindicated his stewardship of the economy and budget.
"It's a sign that our tax relief plan, our pro-growth policies, are working," Bush said after a Cabinet meeting. "These numbers indicate that we're going to cut the deficit in half faster than the year 2009 — so long as Congress holds the line on spending."
Uh-huh. Riiiight. By that creative logic wouldn't it also hold that because terrorist attacks have actually increased worldwide since the Iraq war that his policies in that arena are failing miserably?
Rising Hegemon
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