August 28, 2002 |
The federal budget appears headed back into deficits at least through 2005, a sharp reversal after four years of surpluses. The nonpartisan Congressional Budget Office said yesterday that the government would be $157 billion in the red in fiscal 2002, compared with a $127 billion surplus last year, and that the deficit would hit $145 billion next year. Fiscal 2002 runs through Sept. 30. The projections paint a more pessimistic picture than similar White House projections from last month.
February 14, 1997 |
President Clinton's proposed plan to balance the budget would leave a deficit of at least $49 billion in 2002, rather than a $17 billion surplus as promised, the director of the nonpartisan Congressional Budget Office said yesterday. Republicans seized on the preliminary estimate as proof that reaching an agreement to balance the budget won't be easy, despite an atmosphere of bipartisan cooperation. Clinton has avoided talk of sacrifice or pain, preferring to focus on his proposals to cut taxes for the middle class.
February 9, 1986 |
Rep. William H. Gray 3d, chairman of the House Budget Committee, has asked President Reagan to resubmit his budget, saying it would produce a deficit $14.7 billion larger than White House estimates. Gray, a Philadelphia Democrat, told the President in a letter Friday that the Pentagon estimates in the fiscal 1987 budget submitted last week were "unrealistic" and thus did not meet the $144 billion deficit target in the new balanced-budget law. A key part of that law was held unconstitutional Friday by a federal appeals court, but the deficit targets are expected to remain standing as political if not legal goals.
September 28, 1990 |
A faltering economy could largely undercut the results of any budget agreement that would trim $50 billion from the federal budget deficit next year, largely because of a drop in tax receipts and higher spending for jobless benefits and welfare payments. Budget analysts say those dual blows could add up to $35 billion to the federal deficit next year, elevating it to $267 billion from the latest official estimate in July of $232 billion. "The rule of thumb is that for every 1 percent drop in the size of the gross national product, there is a corresponding increase of from $25 billion to $30 billion in the size of the deficit due to lower revenues and higher expenses," said James L. Blum, chief budget analyst for the Congressional Budget Office.
December 24, 1986
There goes The Inquirer again! ("Selling Amtrak is fiscal fantasy," Dec. 16). In attacking an administration plan to tinker with an important federal asset in the Delaware Valley, The Inquirer reveals its secret plan to balance the budget: "A serious assault on deficits must aim at where the big money is spent - on defense, social entitlements and debt service, all of which escalate virtually unchallenged in Mr. Reagan's budgets. " Does the right hand know what the left hand is doing in the editorial department?
July 27, 2011
During a meeting with congressional leaders, President Obama told House Majority Leader Eric Cantor not to call his bluff or he will take it to the American people. Monday night, Obama made good on that statement, and once again showed how out of touch he is. The president said that before now most people had never heard of the debt ceiling, as if Americans have not paid attention to the spending and the extraordinary deficits and debt that have been racked up. On the contrary, the American people are engaged.
March 19, 1997
Newt Gingrich has just floated an idea so sensible, so practical, so reasonable, that for a moment, he sounded like Vintage Bob Dole. Let's set aside the tax cuts for the moment, suggested the speaker, and agree first on the spending cuts that would balance the federal budget. He's exactly right. With annual deficits still above $100 billion, the priority is to balance the budget. Mr. Gingrich called this a "moral imperative" because deficits saddle future generations with the burden of a society living beyond its means.
October 10, 2000
Today, Congress renews a shopping spree for 2001 that will end up spending billions more than President Clinton had requested. With the election just four weeks away, Republican leaders have been pouring money into popular areas such as education, transportation and agriculture. The biggest remaining battles over the fiscal year that began Oct. 1 aren't so much over total funding, but over Republican opposition to family-planning aid, Democratic insistence on a minimum wage hike and other contentious issues.
April 3, 1990 |
The Air Force said yesterday that the price of its B-2 stealth bomber program had risen during the last year from $70.2 billion to $75.6 billion, boosting the cost of each plane from $532 million to $573 million. Capt. Ginger Jabour, a spokeswoman for the service's Aeronautical Systems Division in Dayton, Ohio, which is developing the aircraft, said the 7 percent increase was primarily a reflection of new estimates of inflation rates. "Ever since I've been old enough to buy things, prices have kept going up," she said.
March 19, 2011 |
WASHINGTON - A new assessment of President Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the next decade. The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years - an average of almost $1 trillion a year. Obama's budget saw deficits totaling $7.2 trillion over the same period.