Bush lied!

Budget Deficit Drops to $250 Billion

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(emphasis ours) - has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.

So, we've a deficit hovering around 2% of GDP -- as compared to 2.7% on average the last 40 years -- even as spending remains out of control. Hardly the gargantuan deficits of DNC lore.

Growth, spurred on by the '03 tax cuts, has fueled revenue increases that dwarf even the (unfortunate) domestic spending increases of the Compassionate Conservative years.

Americans would be wise to keep Charlie Rangel in the minority.