Tax revenues are surging.
Excerpt:
"The MSR projects a $205 billion budget deficit in fiscal year 2007, down slightly from $248 billion last year. Tax revenues are projected to rise by $167 billion (7 percent), and spending is projected to rise by $123 billion (5 percent). One hundred percent of the budget deficit's decline is caused by revenue increases, and none by spending cuts. Lawmakers have not cut one dollar from the budget."
Imagine that!
Regarding entitlements:
"There is no way that the revenue sources considered in the MSR can--much less should--cover all of this projected spending. Lawmakers therefore must remain vigilant on spending. They should focus on pursuing long-term entitlement reform and creating a budget process compatible with spending restraint."
That should start up another round of "seniors eating dog food" and "seniors forced to choose between drugs and food" from the Usual Suspects.
Aw, come on, bubba...you know it's just Bush making his millionaire buddies even richer!
ReplyDeleteSeriously, the Dow surged astronomically today. Wanna bet if the newspapers have this news along with accolades for Bush and our great economy on the front page tomorrow? If he was Clinton they'd crown him King.