Federal budget deficit shrinking
The tax cuts are to blame!
CALGARY, Alberta (Reuters) - U.S. Treasury Secretary John Snow said on Friday the U.S. budget deficit is shrinking faster than expected because of high tax revenues.
"It's pretty clear now that the path we're on will take us below the president's initial target, that is below 2 percent of GDP and beyond that going forward," Snow said at a press conference with Canadian Finance Minister Ralph Goodale.
Controlling spending is essential, and Secretary Snow seemed to indicate it was in the works.
"The way you deal with budget deficits is, one, have a strong growing economy, and since the president's tax cuts took effect in May of '03 we've had the American economy grow strongly," Snow said. The second deficit-cutting tool is tighter spending, he said.
This is great news, no wonder the MSM is so determined to spin the economy negative!
CALGARY, Alberta (Reuters) - U.S. Treasury Secretary John Snow said on Friday the U.S. budget deficit is shrinking faster than expected because of high tax revenues.
"It's pretty clear now that the path we're on will take us below the president's initial target, that is below 2 percent of GDP and beyond that going forward," Snow said at a press conference with Canadian Finance Minister Ralph Goodale.
Controlling spending is essential, and Secretary Snow seemed to indicate it was in the works.
"The way you deal with budget deficits is, one, have a strong growing economy, and since the president's tax cuts took effect in May of '03 we've had the American economy grow strongly," Snow said. The second deficit-cutting tool is tighter spending, he said.
This is great news, no wonder the MSM is so determined to spin the economy negative!