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July 11, 2006

The 'Glum' Rush

...is overstated.

Within the last 20 minutes, investors have received confirmation that a growing economy during the first half of the year has resulted in large tax collections from corporations, allowing the White House to trim its budget deficit estimates by 30% to $296 bln.

UPDATE: Now THERE'S a headline:

Budget Deficit Drops $296B Under Estimate

Seems W spread the good news his ownself.

President Bush touted new deficit figures Tuesday showing considerable improvement upon earlier administration predictions, trumpeting it as validation of his tax cuts.

Bush himself announced the deficit -- a task that has in the past been left to lower-ranking administration officials. The figures show that the deficit for the budget year ending Sept. 30 will be $296 billion -- much better than the $423 billion that Bush predicted in February and a slight improvement over 2005.

Posted by tree hugging sister at July 11, 2006 10:34 AM

Comments

Open tag there, sis

Posted by: Ken Summers at July 11, 2006 10:58 AM

Merci, Msr. Summers. Ah haf feex'd eet.

Posted by: tree hugging sister at July 11, 2006 11:03 AM