The CBO is reporting bad news for tax-raising Democrats across the country:

The federal budget estimate for the fiscal year just completed dropped to $250 billion, congressional estimators said Friday, as the economy continues to fuel impressive tax revenues. The CBO’s latest estimate is $10 billion below CBO predictions issued in August and well below a July White House prediction of $296 billion. The improving deficit picture (Bush predicted a $423 billion deficit in his February budget) has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.

Remember Democrats saying that “we can’t afford Bush’s tax cuts” in 2001? These figures prove that we couldn’t afford not to pass them. It isn’t just the moral thing to do. It’s the fiscally intelligent thing to do, too.

Indulge me as I vent on a pet peeve of mine: How do these forecasters stay employed if they’re seemingly always underforecasting revenues? If I had a dollar for each time I read the term “better-than-expected” in articles about the various economic reports, I’d be rich and then some.

Technorati Tags: Budget Deficit, CBO, Tax Cuts

Cross-posted at LetFreedomRingBlog

1. [...] Cross-posted at California Conservative Categories: Midterm Elections, President Bush, Economy, Taxes, Democrats | [...]

   Pingback by Let Freedom Ring » Blog Archive » ‘Better Than Expected’ — October 6, 2006 @ 1:55 pm

2. [...] California Conservative [...]

   Pingback by Flopping Aces » Blog Archive » The Economy Is Smoking! — October 7, 2006 @ 9:34 am

1. This is in contrast to the Billions spent on the war, the Increasing welfare state and the continuing loss of life in the war.
   Perhaps we need a Clinton again who was actually stock piling money, instead of spending it on missiles and covering up for pedophiles in the GOP.
   The tax cuts are not the reason for this, it’s called COOKED BOOKS. Don’t believe me, thats fine. But the day this administration does anything according to LAW, is the day that Bush is punished for his war crimes.

   Comment by The Idiot son of an asshole (Bush Jr.) — October 7, 2006 @ 11:14 am

2. 1) Aparently the California Conservatives have not caught on to this age-old trick:
   The administration falsely predicts high deficits, then, magically, the actual deficits are much lower than originally predicted so they must “prove” the success of your strategy … right? (correct answer is “wrong”). I urge the author to check the basis for the original predictions and check the accuracy of the current estimates. The administration also has a history of publicizing a big improvement when the Press is listening, then quietly “revising” (increasing) the estimates when they aren’t.

   2) Am I to understand that the author is touting a $250 BILLION DEFICIT as a success story???? If I were heading a company losing $250B / year, I don’t thnk I’d have a job for long.

   3) Deficit and Debt are 2 different things … the national debt is increasing at a rate never seen in history and, therefore, is consuming a larger and larger chunk of the pie just to pay the interest … that can’t be good.

   Comment by Justa Nidiot — October 7, 2006 @ 11:31 am