White House Projects 2005 Deficit at $427 Billion

moghrabi

House Member
May 25, 2004
4,508
4
38
Canada
WASHINGTON (Reuters) - The White House estimated on Tuesday that the U.S. budget deficit for 2005, including an extra $80 billion for Iraq and Afghanistan operations, will total $427 billion.

"In the 2006 budget that we release on Feb. 7, OMB will estimate that the 2005 deficit, including the outlay effects from the supplemental we are discussing today, will be 3.5 percent of GDP or in nominal terms $427 billion," said a senior administration official in a news briefing.

He referred to supplemental spending of more than $80 billion for military operations in Iraq and Afghanistan, making the White House estimate for the deficit higher than the $368 billion forecast by the Congressional Budget Office.

White House spokesman Scott McClellan insisted on Tuesday that the Bush administration was still on course on its goal of reducing the deficit in half over five years by promoting economic growth and controlling government spending, although analysts are skeptical it can be done.

Bush is under pressure to bring down the budget deficit as a way of restoring faith in the dollar, whose tumble against other currencies is increasingly being viewed with concern in global capitals.

http://www.cbsnews.com/stories/2005/01/25/politics/main669061.shtml

and

http://www.msnbc.msn.com/id/6862777/
 

moghrabi

House Member
May 25, 2004
4,508
4
38
Canada
WASHINGTON (Reuters) - The White House estimated on Tuesday that the U.S. budget deficit for 2005, including an extra $80 billion for Iraq and Afghanistan operations, will total $427 billion.

"In the 2006 budget that we release on Feb. 7, OMB will estimate that the 2005 deficit, including the outlay effects from the supplemental we are discussing today, will be 3.5 percent of GDP or in nominal terms $427 billion," said a senior administration official in a news briefing.

He referred to supplemental spending of more than $80 billion for military operations in Iraq and Afghanistan, making the White House estimate for the deficit higher than the $368 billion forecast by the Congressional Budget Office.

White House spokesman Scott McClellan insisted on Tuesday that the Bush administration was still on course on its goal of reducing the deficit in half over five years by promoting economic growth and controlling government spending, although analysts are skeptical it can be done.

Bush is under pressure to bring down the budget deficit as a way of restoring faith in the dollar, whose tumble against other currencies is increasingly being viewed with concern in global capitals.

http://www.cbsnews.com/stories/2005/01/25/politics/main669061.shtml

and

http://www.msnbc.msn.com/id/6862777/
 

moghrabi

House Member
May 25, 2004
4,508
4
38
Canada
WASHINGTON (Reuters) - The White House estimated on Tuesday that the U.S. budget deficit for 2005, including an extra $80 billion for Iraq and Afghanistan operations, will total $427 billion.

"In the 2006 budget that we release on Feb. 7, OMB will estimate that the 2005 deficit, including the outlay effects from the supplemental we are discussing today, will be 3.5 percent of GDP or in nominal terms $427 billion," said a senior administration official in a news briefing.

He referred to supplemental spending of more than $80 billion for military operations in Iraq and Afghanistan, making the White House estimate for the deficit higher than the $368 billion forecast by the Congressional Budget Office.

White House spokesman Scott McClellan insisted on Tuesday that the Bush administration was still on course on its goal of reducing the deficit in half over five years by promoting economic growth and controlling government spending, although analysts are skeptical it can be done.

Bush is under pressure to bring down the budget deficit as a way of restoring faith in the dollar, whose tumble against other currencies is increasingly being viewed with concern in global capitals.

http://www.cbsnews.com/stories/2005/01/25/politics/main669061.shtml

and

http://www.msnbc.msn.com/id/6862777/
 

Reverend Blair

Council Member
Apr 3, 2004
1,238
1
38
Winnipeg
RE: White House Projects

Gee, I was just bitching about the gas and power bills. A little different than the massive debt being built up by George Bush.
 

Reverend Blair

Council Member
Apr 3, 2004
1,238
1
38
Winnipeg
RE: White House Projects

Gee, I was just bitching about the gas and power bills. A little different than the massive debt being built up by George Bush.
 

Reverend Blair

Council Member
Apr 3, 2004
1,238
1
38
Winnipeg
RE: White House Projects

Gee, I was just bitching about the gas and power bills. A little different than the massive debt being built up by George Bush.
 

zenfisher

House Member
Sep 12, 2004
2,829
0
36
Seattle
Yup...good thing he was an Economics major. Now....he gets to experiment ...just to see how long it takes to run a successful economy directly into bankruptcy.
 

zenfisher

House Member
Sep 12, 2004
2,829
0
36
Seattle
Yup...good thing he was an Economics major. Now....he gets to experiment ...just to see how long it takes to run a successful economy directly into bankruptcy.
 

zenfisher

House Member
Sep 12, 2004
2,829
0
36
Seattle
Yup...good thing he was an Economics major. Now....he gets to experiment ...just to see how long it takes to run a successful economy directly into bankruptcy.
 

tibear

Electoral Member
Jan 25, 2005
854
0
16
It going to be a long, long time before the Americans can recover economically. Between the war the Americans are involved in internationally and the internal fighting between the Bush supporters and detrators, I think it could be many, many years before we actually see an American budget surplus.
 

tibear

Electoral Member
Jan 25, 2005
854
0
16
It going to be a long, long time before the Americans can recover economically. Between the war the Americans are involved in internationally and the internal fighting between the Bush supporters and detrators, I think it could be many, many years before we actually see an American budget surplus.
 

tibear

Electoral Member
Jan 25, 2005
854
0
16
It going to be a long, long time before the Americans can recover economically. Between the war the Americans are involved in internationally and the internal fighting between the Bush supporters and detrators, I think it could be many, many years before we actually see an American budget surplus.
 

Reverend Blair

Council Member
Apr 3, 2004
1,238
1
38
Winnipeg
RE: White House Projects

Bush caused both the war and much of the internal dissent with his insane policies, tibear. I wouldn't if the US economy completely fails over this.
 

Reverend Blair

Council Member
Apr 3, 2004
1,238
1
38
Winnipeg
RE: White House Projects

Bush caused both the war and much of the internal dissent with his insane policies, tibear. I wouldn't if the US economy completely fails over this.