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Changes in Budget During the Bush Years
Jan 14, 2:51 PM (ET)
By The Associated Press
Some changes in the government's fiscal condition since President Bush submitted his first budget to Congress in 2001.
_Bush's first budget projected annual surpluses from 2002 through 2011 would total $5.6 trillion, before his tax and spending proposals took effect. In its most recent projection last summer, the nonpartisan Congressional Budget Office said it expected $1.4 trillion in total deficits from 2004 through 2013 - excluding any future tax or spending changes.
_The cumulative national debt stood at $5.7 trillion when Bush took office, and his first budget proposed reducing it by $2 trillion over the next decade. Today, the debt stands at $7 trillion.
_Bush's first budget projected that in fiscal 2004 - which runs through next Sept. 30 - the government would spend $2.077 trillion. Instead it will spend $2.305 trillion, according to the latest CBO estimate.
Bush's first budget also estimated the government would raise $2.339 trillion in revenue this year. The CBO projects $1.825 trillion in revenue.
All together, the CBO has forecast a 2004 deficit of $480 billion - instead of the $262 billion surplus Bush predicted for this year in his first budget, assuming his policies were enacted.
Jan 14, 2:51 PM (ET)
By The Associated Press
Some changes in the government's fiscal condition since President Bush submitted his first budget to Congress in 2001.
_Bush's first budget projected annual surpluses from 2002 through 2011 would total $5.6 trillion, before his tax and spending proposals took effect. In its most recent projection last summer, the nonpartisan Congressional Budget Office said it expected $1.4 trillion in total deficits from 2004 through 2013 - excluding any future tax or spending changes.
_The cumulative national debt stood at $5.7 trillion when Bush took office, and his first budget proposed reducing it by $2 trillion over the next decade. Today, the debt stands at $7 trillion.
_Bush's first budget projected that in fiscal 2004 - which runs through next Sept. 30 - the government would spend $2.077 trillion. Instead it will spend $2.305 trillion, according to the latest CBO estimate.
Bush's first budget also estimated the government would raise $2.339 trillion in revenue this year. The CBO projects $1.825 trillion in revenue.
All together, the CBO has forecast a 2004 deficit of $480 billion - instead of the $262 billion surplus Bush predicted for this year in his first budget, assuming his policies were enacted.
