|For the waywardness of the simple will kill them, and the complacency of fools will destroy them - Proverbs 1:32|
E-mail Me |About Me |Home Page |Comment Rules |Ref Desk
Daily Notes :I Moved to MT.
In fact this page will automatically send you to my new page in 4 minutes. Or go there now...Radio Brian Scott
In the Treasury Department's monthly budget statement, June income outpaced spending by $19.14 billion, slightly less than the government's June 2003 surplus of $21.23 billion.
"What we are seeing is the impact of a good economy, the impact of extraordinarily strong corporate profits, and likely the impact of more people being caught in the alternative minimum tax," Drew Matus, financial markets economist at Lehman Brothers in New York, said in response to the report.
"Surprisingly strong receipts are really helping out a great deal here. There is no reason to suspect, given the employment growth we have seen, that this trend will change any time soon,"
Update: Thanks to a fellow blogger for bringing this to my attention.
In a related story, it appears that our nation’s debt limit will have been reached by early October, and a new law will have to be signed in order to grow above the already 7.384 trillion maximum.
It should be noted however that even though raising the debt limit is going to happen, (unfortunately) it is also true that the tax cuts proposed by Bush have generated revenue that exceeded their expectations. More revenue came in than was bugeted for. It won't be enough to stop the passage of the law to raise the debt limit, but it is significant enough to use as proof that tax cuts increase revenue. Now if only the congress would stop spending our money like drunken idiots.
posted by: Brian Scott