Wednesday, July 11, 2007

Deficit Falls to $205 Billion

President Bush’s tax rate cuts continues to raise taxes growing revenue to reduce the deficit. See Associated Press article Deficit Falls to $205 Billion

July 11, 2007
WASHINGTON (AP) - The nation's budget deficit will drop to $205 billion in the fiscal year that ends in September, less than half of what it was at its peak in 2004, according to new White House estimates.
President Bush planned to discuss the figures in an afternoon appearance.

The new figure is considerably smaller than original estimates. In February, the White House predicted that this year's deficit would be $244 billion because of stronger-than-expected revenue collections. The deficit hit a peak of $413 billion in 2004 and was $248 billion last year.


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