CBO foresees $1.76 trillion deficit over decade
Updated 8/17/2006 11:18 AM ET
WASHINGTON (AP) — The Congressional Budget Office on Thursday estimated that the federal deficit will decline to $260 billion this year but will increase to $286 billion next year.
The agency estimated total deficits over the next decade at $1.76 trillion. The $260 billion forecast for the current budget year, which the CBO previewed earlier this month, would represent an improvement from last year’s actual deficit of $319 billion.
However, the detailed CBO report released Thursday showed that the improvement will be temporary with deficit expected to swell to $1.76 trillion over the next decade. (Story.)
I know that nothing is ever as simple as we tend to want to make it, but at this point I’d like to nominate a new phrase to be used in cynical partisan labeling frenzies.
Here goes: “Tax and spend conservatives.”
Try it out at home, at the lodge, over coffee with co-workers. Let me know how it plays.
[THX: Steve at the West Bygod Bureau.]