ACCORDING TO THE CBO: THE DEFICIT IS UP - BUT IT'S NO BIG DEAL

THE CBO'S DIRECTOR'S BLOG:

CBO estimates that the deficit for 2008 will be $407 billion, substantially higher than last year’s $161 billion.

As a share of the economy, the deficit is projected to rise to 2.9 percent of GDP this year, up from 1.2 percent of GDP in 2007.

• THE ALL-TIME PEAK DEFICIT WAS 1983 - AT 6% OF GDP.
• AND WE RECOVERED FINE.
  
• CURRENT FEDERAL BUDGET DEFICITS ARE NOT TOO BIG.
• WE DON'T NEED TO RAISE TAXES TO MAKE DEFICITS SMALLER -
• WE NEED TO GROW THE ECONOMY.
  
• AND THE DEFICITS AIN'T THE BUSH TAX CUTS' FAULT.
• IT'S THE ECONOMY, STUPID!
• IF THE ECONOMY WASN'T SLOWING THEN THE DEFICITS WOULDN'T BE GETTING BIGGER.
• ALSO: BUSH AND CONGRESS SPENT WAY TO MUCH MONEY.
• WE NEED TO ELECT A REAL PORKBUSTER .

VOTE ACCORDINGLY.