Feb. 6 (Bloomberg) -- Under President George W. Bush's new budget, the federal deficit would decline gradually until 2010 and then start rising again, as the full impact of his requested permanent tax cuts and other proposals is felt.
Bush's budget for the year beginning Oct. 1, presented to Congress today, projects a decrease in the deficit to $183 billion for the year beginning Oct. 1, 2009, from this year's record $423 billion.
If Congress makes Bush's 2001 and 2003 tax cuts permanent, most of the impact won't be felt until after 2011, long after the president has left office. Some of the tax reductions are due to expire at the end of 2008 and the rest in 2010.
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