The Quipper

Friday, October 15, 2004

Surging Federal Budget Deficit

AMERICAblog points out that the Federal Budget deficit has surged to $413 billion in 2004 from $377 billion in 2003. After inflation, this is the highest deficit since World War II. The linked article has a quote from Treasury Secretary John Snow who said:

All of this shows that the president's tax [cuts] are having the intended effects.

Indeed it does.

(Of course, Snow was referring to how the actual deficit is under the initial estimates, and he used the euphamism "tax relief initiatives" over "tax cuts".)