Deficits and Projections Archive
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Deficit Announcement Masks Bigger Story
October 11, 2006
On Wednesday, October 11, the Treasury announced the final deficit figure for fiscal 2006. That figure is $248 billion. This figure is $42 billion lower than the $290 billion deficit that the Office of Management and Budget estimated on July 11, which itself was lower than the deficit estimates that OMB and CBO issued last winter.[1] … -
Statement of Robert Greenstein in Response to Announcement of the 2006 Deficit Figure
October 11, 2006
"The announcement seems like good news, but it's more of a temporary blip than real progress. The improvement in the deficit may not extend even beyond this year, and the long-term outlook remains bleak. Despite Administration assertions, the evidence indicates this temporary improvement has … -
CBO Analysis Finds Increased Revenues Would Offset Increased Entitlement Costs under Senate Immigration Bill
September 15, 2006
The immigration bill passed by the U.S. Senate would affect the federal budget by increasing both the number of legal immigrants qualifying for federal entitlement programs and the number of immigrants filing tax returns and paying income and payroll taxes. On August 18, the Congressional Budget Office (CBO) issued a new … -
Don't Pop the Corks: CBO Outlook for the Federal Budget Is Still Bleak
August 17, 2006
The Congressional Budget Office today released new budget projections showing a deficit of $260 billion for fiscal year 2006, which will end on September 30.[1] Although such a deficit would be $30 billion lower than the Office of Management and Budget estimated on July 11, and just over $100 billion less than CBO projected last March (excluding the … -
Even With New Budget Projections, Budget Deterioration from 2000-2006 Will Be the Largest 6-Year Deterioration in Half a Century
Revised August 17, 2006
The Congressional Budget Office has issued new estimates that show that the budget deficit will be 2.0 percent of the Gross Domestic Product in 2006, down from the 2.8 percent of GDP that CBO had estimated (under Administration policies) earlier this year. Over the last month, the Administration has celebrated the reduction in … -
Combined Effect of Senate Proposals Would Be To Finance Near-Repeal of the Estate Tax with Cuts in Medicare, Veterans Benefits, School Lunches, and Other Programs
August 8, 2006
The Congressional Budget Office announced on August 4 that it now projects the deficit will be $260 billion for fiscal year 2006, which ends on September 30.[1] CBO’s projection of the deficit for the current year is $30 billion below the level projected by the Administration when it released its Mid-Session Review of the Budget on July 11. … -
The Recent Upturn in Revenues and OMB's Mid-Session Review
Revised July 14, 2006
Summary The Mid-Session Review issued on July 11 by the White House Office of Management and Budget projects that fiscal year 2006 revenues will be significantly above — and the 2006 deficit significantly below — the levels forecast in the President’s budget in February. This year’s strong … -
A Smoking Gun: President's Claim That Tax Cuts Pay For Themselves Refuted by Administration's Own Analysis
July 11, 2006
In remarks on July 11 touting revised deficit projections in the Mid-Session Review of the Budget, President Bush once again claimed that tax cuts pay for themselves: “Some in Washington say we had to choose between cutting taxes and cutting the deficit….Today’s numbers show that that was a false choice. The economic growth fueled by tax relief has helped send our tax … -
New CBO Data Indicate Growth in Long-Term Income Inequality Continues
January 29, 2006
The Congressional Budget Office recently released extensive data on household incomes and tax liabilities for 2003.[1] CBO issues the most comprehensive data available on changes in incomes and taxes for different income groups, capturing trends at the very top of the income scale that are not shown, for example, in Census data. The new CBO report highlights the degree to which … -
Increases in CBO's Revenue Projections Do Not Show Tax Cuts Are Helping the Economy
January 27, 2006
New forecasts issued by the Congressional Budget Office confirm that if the tax cuts and Alternative Minimum Tax relief are extended, the nation faces large and growing deficits over the next ten years, with total deficits of between $3.5 and $4 trillion over that period.[1] While still quite high, CBO’s current deficit … -
Drop in Deficit in 2005 Does Not Mean Tax Cuts Are Spurring Economic and Revenue Growth; New IRS Data Confirm Tax Cuts Lose Revenue
Revised January 6, 2006
According to final Treasury Department figures, the deficit for fiscal year 2005 was $319 billion, down significantly both from last year’s level and from projections made at the beginning of this year. This progress is due to an increase in tax collections from last year (and from what had been projected earlier this year). Some are using this fact to argue that the tax cuts …
