Wednesday, July 12, 2006

Bush Misrepresents Budget Deficit

Yesterday the Bush Administration projected a $296 billion budget deficit for Fiscal 2006, calling it a significant victory for our country.

What Bush didn't reveal, is a $296 billion deficit would represent the fourth largest deficit in American history. Even worse, this estimate grossly understates the real size of the budget deficit. The truth is, the deficit is actually much larger because the Administration and Congressional Republicans are spending every single penny of the Social Security surplus, an estimated $180 billion this year. Even if OMB’s $296 billion estimate turns out to be correct, the real budget deficit would actually reach about $180 billion higher – or some $476 billion.