Piling On
The latest estimates put the deficit for fiscal year 2003 (ending September 30) at $400 billion. Today’s Washington Post has the following to say about the latest federal deficit estimates from the Congressional Budget Office:
The recent tax cut will reduce tax receipts and raise spending by $61 billion over the next four months, exacerbating a continuing decline in federal tax levels. For the first eight months of the fiscal year, tax receipts have dropped $60 billion from last year’s levels.
At the same time that tax receipts are dropping and spending is increasing the Post has another article about how the House Republicans want to cut taxes by an additional $82 billion. Somebody stop them before they cut again!
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