Saturday, October 07, 2006

US - Budget Deficit Drops to $250 Billion

Gas prices are falling, unemployment is falling and so too is the budget deficit.

The federal budget estimate for the fiscal year just completed dropped to $250 billion, congressional estimators said Friday, as the economy continues to fuel impressive tax revenues.

The Congressional Budget Office's latest estimate is $10 billion below CBO predictions issued in August and well below a July White House prediction of $296 billion.

The improving deficit picture _ Bush predicted a $423 billion deficit in his February budget _ has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.

And the stock market has reached new highs.

All bad news for Democrats. Add to that the passage of two anti terror bills and its easy to see why the Democrats are milking the Foley case for all they can get - they have nothing else.

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