The Gantry Launchpad

Skirts are up, and so are revenues

Could it be?? Is this true??

'Federal Deficit Likely to Narrow by $100 Billion
Tax Receipts Pare Borrowing

By Jonathan Weisman
Washington Post Staff Writer
Tuesday, May 4, 2004; Page E01

Smaller-than-expected tax refunds and rising individual tax receipts will pare back federal borrowing significantly for the first half of this year and could reduce the $521 billion deficit projected for the fiscal year by as much as $100 billion, Treasury and congressional budget officials said yesterday. '

(snip)

'G. William Hoagland, a senior economic aide to Senate Majority Leader Bill Frist (R-Tenn.), said he dashed off a memo to GOP leadership predicting the 2004 deficit could be trimmed to $420 billion, a record in dollar terms but considerably lower than the White House's $521 billion projection.'

But still...

'Democratic and Republican budget aides in the House warned yesterday that it was too early to reach conclusions. Spending could still take an unexpected jump because of surging hostilities in Iraq. The improving federal borrowing picture, they said, may just be bringing the administration's $521 billion deficit forecast more into line with the $477 billion deficit predicted by the nonpartisan Congressional Budget Office, Capitol Hill's official budget scorekeeper.'

I imagine that Terry McAuliffe is investing a lot of money in Pepto-Bismol right now. Heh.

Posted by Casey at May 4, 2004 4:50 PM | TrackBack