MAKING THE QUESTION...:

CBO Projects Lower Fiscal 2007 Deficit (Richard Rubin, 8/23/07, CQ)

Surging individual income tax revenue is helping narrow the federal budget deficit this year, as lawmakers and the White House continue the long-running debate over the country’s fiscal future.

The budget deficit for fiscal year 2007 is expected to be $158 billion, the Congressional Budget Office announced Thursday. That’s $19 billion less than what the CBO projected in March, $47 billion less than the administration’s estimate and $90 billion less than the fiscal 2006 deficit. [...]

By 2012, CBO projects, the government will be running a $62 billion surplus, growing to $109 billion by 2017.

...can we cut taxes fast and deep enough to avoid the global economic problems that US surpluses trigger?

Posted by Orrin Judd at August 24, 2007 7:03 AM