The Congressional Budget Office released an improved outlook for the. "And now, within less than eight months, we're dealing with the consequences of budget actions that were not well-considered."Ī White House Office of Management and Budget report due out Wednesday will project that the government will run a surplus of roughly $160 billion this year - a far cry from the $284 billion figure forecast in April.īush insisted the economic slowdown is to blame. 1 When President Trump entered the Oval Office, CBO projected the cumulative 20172027 budget deficits would be 10.0 trillion. Stimulus spending and extending the Bush tax cuts can help a little. See Congressional Budget Office, 'An Analysis of the Presidents Budgetary Proposals for Fiscal Year 2004,' March 2003. John Spratt, D-S.C., the ranking Democrat on the House Budget Committee, told reporters. There are a lot of myths surrounding Bushs tax cuts. The Joint Committee on Taxation (JCT) and Congressional Budget Office estimate that making permanent all of the Bush tax cuts would have cost 3. "When this president came into office, we gave him a gift … a budget that was in a healthy surplus," Rep. The American Taxpayer Relief Act of 2012 (ATRA) 1, which President Obama signed into law last night, makes permanent 82 percent of President Bush’s tax cuts. "The biggest threat to our recovery is for the Congress to overspend."īut Democrats on Capitol Hill insisted it was Bush who needs a lesson in fiscal responsibility, charging the $1.35 trillion tax cut the president signed into law earlier this year is forcing the government to dip into the Social Security and Medicare trust funds to keep the budget balanced. The Congressional Budget Office’s May 2022 forecast shows that the government now expects to bring in more tax revenue in the decade following the 2017 Trump tax cuts than it had projected. "Our budget is in strong financial shape despite an economic slowdown," the president said this morning in a campaign-style stump speech at Harry S. 21 - Squabbling over the shrinking federal surplus escalated today as President Bush warned Congress against bloating the budget with pork and Democrats accused the White House of raiding Social Security funds. In April, the CBO’s nonpartisan budget analysts projected that the Tax Cuts and Jobs Act, factoring in all economic effects, would still add nearly 1.9 trillion to the total deficit between.
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