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: Start Making SenseRecord budget deficit
News media are using the $490 billion number even though it apparently excludes $80 billion of Iraq and Afghanistan war spending.
I can't imagine why the Bush Administration feels compelled to admit there is any deficit at all. If they ignored a further $500 billion of spending - and I don't see why they wouldn't, given that they ignore the war spending without any shred of a rationale or excuse - they could accurately note that there's otherwise a $10 billion surplus, and enjoy the nice headlines from that.
UPDATE: Okay, calling it a record is admittedly dubious given that more meaningful comparisons between years would (a) adjust the nominal deficit for inflation, and (b) report it as a percentage of GDP rather than an absolute dollar amount. But then again, given the deficit's defects as a measure purely of current year cash flows, paying it any attention in lieu of focusing on longer-term measures (such as the fiscal gap) paints too rosy a picture.
Full post as published by Start Making Sense on July 28, 2008 (boomark / email).
Pelosi: President Bush Has Mortgaged Our Future With Record Deficit Spending on the Wrong Priorities
Washington, D.C. ? Speaker Nancy Pelosi issued the following statement today after news reports indicated that the federal budget deficit will reach a record high of nearly $490 billion...
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The Cyclically Adjusted and Standardized Budget Measures, April 2008 "The size of the budget deficit is influenced by temporary factors,...
AG Brown agrees to proposed program cuts by state budget committee
Attorney General Jerry Brown agreed to eliminate several programs, including a crime prevention program with ties to his father, as the state tries to fill a $17 billion budget deficit, The Recorder reported...
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