Reuters: Announcement of Record Budget Shortfall Expected

[FlashHarry]

Hmm, maybe the 'perfect storm' theory is true.

<snip>
WASHINGTON (Reuters) - The Congressional Budget Office (news - web sites) appeared set on Tuesday to predict a federal budget deficit of close to $500 billion in 2004, a record shortfall that could pose problems for President Bush (news - web sites) as he seeks re-election next year.

The nonpartisan agency presents its bi-annual budget and economic outlook, which is expected to be the latest blow in a relentless drumbeat of fiscal bad news that has put the Bush administration on the political defensive.

The White House itself last month forecast that federal budget deficits would balloon to $455 billion this year and $475 billion in 2004 -- far above the previous record of $290 billion reached in 1992 -- even without factoring in the mounting cost of the U.S. occupation of Iraq (news - web sites).
</snip>

[FlashHarry]

1. Headline from NY Times.

Even more damning:
Congressional Deficit Estimate May Exceed a Half-Trillion>

[On the Road]

2. Wow, and When the SS Surplus is Added in

(as Bush promised to do), the defecit is more like $700 Billion. Unbelievable!

And this has to be the fourth or fifth time this year that the defecit has been restated. At some point, these people might just take the tack of making conservative and realistic projections. These constant revisions make them look like idiots.

The actual annoucement will probably be late Friday afternoon, right before Labor Day.

[xJlM]

3. They ARE idiots!

Hell, I've seen dogs with more sense. But then, no one ever lost money underestimating the intelligence of the American public.

[FlashHarry]

4. 'Restated earnings?'

Wow, what else would you expect from our first 'CEO President?'

[maxanne]

5. and to think Harvard gave him an MBA

those Ivy League schools are overrated.

[SpiralHawk]

6. But...wait till the Bush tax cuts for the wealthy kick in

(Economic Boom will be delayed until the Chimp-in-chief* finishes his 30-day taxpayer-funded vacation at the First Swinery in Crawford, TX.

Remember: "A rising tide lifts all yachts."



*Defeated by a majority of patriotic and discerning American voters in the 2000 election; appointed to office by the so-called supreme court.

[bleedingheart]

7. They are doing exactly what they said they would do

they are running the country like a company...Enron.