NY Times Finally Notices Shrinking Deficit
Even though the Washington Times reported this five days ago, the NY Times finally discovers that the deficit will be $100 billion less than $427 billion that was projected because tax revenues are way, way up:
The Congressional Budget Office estimated last week that the deficit for the full fiscal year, which reached $412 billion in 2004, could be “significantly less than $350 billion, perhaps below $325 billion.”The big surprise has been in tax revenue, which is running nearly 15 percent higher than in 2004. Corporate tax revenue has soared about 40 percent, after languishing for four years, and individual tax revenue is up as well.
Of course, maybe the NYT took the extra five days to come up with ways to pooh-pooh the concept:
Other financial hurdles may be down the road. Mr. Bush’s intention to extend his tax cuts indefinitely, and to add new ones, would drain more than $1.4 trillion from government coffers over the next 10 years.
Liberals just can’t see that tax cuts are good for Americans, even though Kennedy started the tradition in 1964.
