Posted by
Chestertonrules on Friday, March 23, 2007 10:21:17 AM
Democrats have been lying about the deficit for years. Unfortunately, their media allies help spread the misinformation.
Some key points that are often overlooked:
* Tax revenues are the highest in US history. Receipts are much higher than at any time under Bill Clinton and his higher tax rates.
* The deficit was 1.9% of GDP in 2006 which is lower than 18 of the last 25 years.
* The deficit has declined for two consecutive years
* Tax receipts have risen each of the past four years.
CBO DATA:
| Monthly Budget Review |
A Congressional Budget Office Analysis
November 6, 2006 |
| Based on the Monthly Treasury Statement for September and the Daily Treasury Statements for October |
The federal government recorded a total budget deficit of $248 billion in fiscal year 2006, $71 billion less than the deficit incurred in 2005. As a share of the nation’s gross domestic product (GDP), the 2006 deficit was 1.9 percent—down from the 2.6 percent share recorded in 2005.
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FISCAL YEAR TOTALS
(Billions of dollars)
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2002 |
2003 |
2004 |
2005 |
2006 |
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| Receipts |
1,853 |
1,783 |
1,880 |
2,153 |
2,407 |
| Outlays |
2,011 |
2,160 |
2,293 |
2,472 |
2,654 |
| Deficit (-) |
-158 |
-378 |
-413 |
-319 |
-248 |
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| Deficit (-) as a Percentage of GDP |
-1.5 |
-3.5 |
-3.6 |
-2.6 |
-1.9 |
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http://cbo.gov/showdoc.cfm?index=7679&sequence=0