Paying for the Rich
Jan 28th, 2006 at 5:49 pm by Susie
The Congressional Budget Office points out Bush’s tax cuts are bleeding the budget dry:
WASHINGTON — Making President Bush’s tax cuts permanent will prolong big budget deficits into the next decade, the Congressional Budget Office projected Thursday.
But if those tax cuts are allowed to expire after 2010 — effectively a tax increase Bush has sworn to oppose — the budget would begin showing a surplus in 2012, the CBO’s budget projections showed. Bush wants Congress to make the tax cuts permanent before he leaves office in 2009.
In its annual budget and economic report, the agency estimated that this year’s deficit will be $337 billion, up $19 billion from 2005. It said the deficit will be about $360 billion if extra anticipated costs for Iraq, Afghanistan and the hurricane-ravaged Gulf Coast are added.
