U.S. Budget Deficit To Fall To $260 Billion

Aug. 17, 2006
Thanks to booming tax revenues, the U.S. budget deficit is forecast to surpass administration hopes by falling to $260 billion this fiscal year, congressional experts said Aug. 17.  The Congressional Budget Office (CBO) said it now expects the deficit to ...

Thanks to booming tax revenues, the U.S. budget deficit is forecast to surpass administration hopes by falling to $260 billion this fiscal year, congressional experts said Aug. 17. The Congressional Budget Office (CBO) said it now expects the deficit to fall $58 billion from fiscal 2005 owing to "higher-than-anticipated revenues, mostly from individual and corporate income taxes".

The projection by the non-partisan office would bring the deficit down to 2% of gross domestic product, from 2.6% of GDP last year.

The figure for this year of $260 billion s is $112 billion lower than the amount estimated by the CBO when it analyzed President George W. Bush's budgetary proposals in March. Unveiling a mid-year budget review last month, Bush forecast the deficit would fall to $296 billion for the current fiscal year.

But in the 2007 fiscal year, according to the CBO, the deficit will rise again to reach $286 billion.

Copyright Agence France-Presse, 2006

Popular Sponsored Recommendations

Discrete and Process Manufacturing 2024 Trends and Outlook for North America

Oct. 29, 2023
Manufacturers are reaping the benefits of automation and cloud-based solutions. Discover what is driving today's industry trends and how they can shape your growth priorities ...

Process Mining For Dummies

Nov. 19, 2023
Here it is. Everything you need to know about process mining in a single book, written in the easy-to-understand, hard-to-forget style that ‘For Dummies’ manages so effortlessly...

MES vs. Operations Platforms: Buyer's Guide

Sept. 19, 2023
Now more than ever, manufacturers are rethinking legacy MES's role in their operations. This comprehensive guide compares traditional manufacturing execution systems and operations...

How Digital Twin Technology is Empowering Manufacturers

Sept. 27, 2023
This FAQ delves into why this technology offers business value and considerations toward implementation.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!