CBO projects $172 billion deficit in '07 |
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Wed, 24 Jan 2007 15:28
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WASHINGTON (AFX) - The budget deficit for the current year will be $172 billion, according to new estimates by the Congressional Budget Office.The latest CBO figures, disclosed by a congressional aide, also predict the budget could come back into surplus by 2012, although that would require President Bush's tax cuts to expire at the end of 2010.The estimates also understate the ongoing cost of the war in Iraq, but provide a basis for majority Democrats on Capitol Hill to work to match Bush's vow to balance the federal budget in five years.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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