Thursday, October 11, 2007

Federal Deficit Falls Further in 2007

Congressional Quarterly reports:

For the third straight year, the federal budget deficit diminished in fiscal 2007, dropping to $162.8 billion, according to figures released Thursday.

During the early years of the Bush administration the deficit grew steadily, peaking in fiscal 2004 at $412.7 billion, or 3.6 percent of gross domestic product. Since then it has declined each year, with the fiscal 2007 figure standing at 1.2 percent of GDP, which economists say is the best way to measure the relative size of the deficit.

The deficit for the fiscal year that ended Sept. 30 was down 34 percent from the $248.2 billion deficit in fiscal 2006.

Why do Democrats want to dramatically change fiscal policy, when the trend line is so positive?

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