President Bush said Saturday that the most important number in the budget he sends to Congress next week is the $5.6 trillion surplus it projects over the next 10 years.
That huge projected surplus provides the underpinning of all the administration's tax-cut and spending plans,
Mr. Bush said in his recorded weekly radio address.
"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.
There you go again projections!!!! there WAS NO SURPLUS
It was a projected surplus and tax cuts have nothing to do with spending
The Bush tax cuts were fully implemented in 2003 and if you check the economy growth from 2004-2007 you will find some incredibly good numbers including job creation. Much of that was lost when the housing bubble burst but Bush generated 4.5 trillion GDP growth with his tax cuts and economic policies and that includes the disaster in 2008
Problem is when president G W Bush cut taxes he counted on more revenue being generated from all the people businesses would hire when they got tax breaks. That revenue was never forthcoming and his tax cuts were NOT
The tax cuts raised the deficit.
2007 $ 161 billion
2008 $ 459 billion
2009 $1,413 billion
Debt to the Penny (Daily History Search Application) Obama inherited that debt of which 350 billion was due to TARP Loans which were repaid in 2009 but recycled thus not repaid to the Treasure. In addition 9/11 cost the Treasury 1 trillion dollars according to GAO. That means of the 4.9 trillion Bush generated, it was actually 3.6 trillion Obama also signed the 2009 budget in March knowing that people like you would blame Bush. The debt today is 18.2 trillion. Let's see if you can do the math to see how much Obama generated?
By the way the tax cuts were fully implemented in July 2003
Take exchange subsidy spending this year (FY15). Five years ago in their much-touted price tag for the ACA, the CBO projected they would cost $45 billion this year:
We're now 75% of the way through the fiscal year (just 3 months left to go) and spending on exchange subsidies so far has been...$18 billion.