Tigermike 3,039 Posted September 7, 2004 Share Posted September 7, 2004 U.S. Deficit Seen Smaller Than Projected Tara Murphy, 09.07.04, 1:00 PM ET NEW YORK - In the headlines this afternoon, the Congressional Budget Office will project that this year's U.S. budget deficit will be smaller than expected. The nonpartisan CBO is expected to say that the deficit will reach $422 billion. While that is a record, it is down from the $477 billion estimated for the year in January. The estimated revision is largely attributed to stronger revenue collections. The government is expected to spend $2.3 trillion before the fiscal year ends Sept. 30, which translates into borrowing one out of every five dollars it spends. Click here for more from the Forbes.com Video Network U.S. stocks were moving higher this morning, as oil prices continued to decline from their record high levels. U.S. light crude was trading around $43.08 per barrel, helped by comments made by OPEC's president that the world's oil markets are well supplied. The U.S. dollar was weaker than other currencies, including the yen and the euro, while Treasuries were moving slightly higher, with no U.S. economic data due out today. In company news, Circuit City (nyse: CC - news - people ) says same-store sales for the second quarter were up 2.9%, in part due to improved sales on the Web. Shares of Adecco (nyse: ADO - news - people ) were 4% higher after saying that its earnings improved 11% due to a gain from the sale of Web job provider Jobpilot. And Rite Aid (nyse: RAD - news - people ) is warning that its fiscal 2005 profits would be lower than expected, as pharmacy sales remain soft and third-party reimbursement rates decline. In other news, Eli Lilly (nyse: LLY - news - people ) shares are higher today after the company said its new antidepressant, Cymbalta, was approved by U.S. regulators in treating nerve damage related to diabetes. The drug is the first to be approved for treating the disease. That's it for now. For all your latest business headlines, log on to Forbes.com. LINK Link to comment Share on other sites More sharing options...
LegalEagle 22 Posted September 7, 2004 Share Posted September 7, 2004 Woohoo, we cut taxes and got the highest yearly deficit in history!! It's not as big as it could have been. . . We're turnin' the corner Babee!! Let's cut more taxes, and let the grandkids pay for our ride! I think someone's been in Bammer's kool-aid! *grin* If it hadn't been for those dumb-butt Democrats saving us money for 8 years we'd be even broker!! Pass the Kool-aid, I think my Haliburton stock just went up a point. Woohoo!! Link to comment Share on other sites More sharing options...
Bottomfeeder 244 Posted September 7, 2004 Share Posted September 7, 2004 U.S. Deficit Seen Smaller Than Projected Tara Murphy, 09.07.04, 1:00 PM ET NEW YORK - In the headlines this afternoon, the Congressional Budget Office will project that this year's U.S. budget deficit will be smaller than expected. The nonpartisan CBO is expected to say that the deficit will reach $422 billion. While that is a record, it is down from the $477 billion estimated for the year in January. The estimated revision is largely attributed to stronger revenue collections. The government is expected to spend $2.3 trillion before the fiscal year ends Sept. 30, which translates into borrowing one out of every five dollars it spends. Click here for more from the Forbes.com Video Network U.S. stocks were moving higher this morning, as oil prices continued to decline from their record high levels. U.S. light crude was trading around $43.08 per barrel, helped by comments made by OPEC's president that the world's oil markets are well supplied. The U.S. dollar was weaker than other currencies, including the yen and the euro, while Treasuries were moving slightly higher, with no U.S. economic data due out today. In company news, Circuit City (nyse: CC - news - people ) says same-store sales for the second quarter were up 2.9%, in part due to improved sales on the Web. Shares of Adecco (nyse: ADO - news - people ) were 4% higher after saying that its earnings improved 11% due to a gain from the sale of Web job provider Jobpilot. And Rite Aid (nyse: RAD - news - people ) is warning that its fiscal 2005 profits would be lower than expected, as pharmacy sales remain soft and third-party reimbursement rates decline. In other news, Eli Lilly (nyse: LLY - news - people ) shares are higher today after the company said its new antidepressant, Cymbalta, was approved by U.S. regulators in treating nerve damage related to diabetes. The drug is the first to be approved for treating the disease. That's it for now. For all your latest business headlines, log on to Forbes.com. LINK Hogwash! My sources say just the opposite. Know what you're talking about before sticking your foot in you mouth sideways. Link to comment Share on other sites More sharing options...
Tigermike 3,039 Posted September 8, 2004 Author Share Posted September 8, 2004 U.S. Deficit Seen Smaller Than Projected Tara Murphy, 09.07.04, 1:00 PM ET NEW YORK - In the headlines this afternoon, the Congressional Budget Office will project that this year's U.S. budget deficit will be smaller than expected. The nonpartisan CBO is expected to say that the deficit will reach $422 billion. While that is a record, it is down from the $477 billion estimated for the year in January. The estimated revision is largely attributed to stronger revenue collections. The government is expected to spend $2.3 trillion before the fiscal year ends Sept. 30, which translates into borrowing one out of every five dollars it spends. Click here for more from the Forbes.com Video Network U.S. stocks were moving higher this morning, as oil prices continued to decline from their record high levels. U.S. light crude was trading around $43.08 per barrel, helped by comments made by OPEC's president that the world's oil markets are well supplied. The U.S. dollar was weaker than other currencies, including the yen and the euro, while Treasuries were moving slightly higher, with no U.S. economic data due out today. In company news, Circuit City (nyse: CC - news - people ) says same-store sales for the second quarter were up 2.9%, in part due to improved sales on the Web. Shares of Adecco (nyse: ADO - news - people ) were 4% higher after saying that its earnings improved 11% due to a gain from the sale of Web job provider Jobpilot. And Rite Aid (nyse: RAD - news - people ) is warning that its fiscal 2005 profits would be lower than expected, as pharmacy sales remain soft and third-party reimbursement rates decline. In other news, Eli Lilly (nyse: LLY - news - people ) shares are higher today after the company said its new antidepressant, Cymbalta, was approved by U.S. regulators in treating nerve damage related to diabetes. The drug is the first to be approved for treating the disease. That's it for now. For all your latest business headlines, log on to Forbes.com. LINK Hogwash! My sources say just the opposite. Know what you're talking about before sticking your foot in you mouth sideways. Then provide your sources. Link to comment Share on other sites More sharing options...
stoic-one 1,548 Posted September 8, 2004 Share Posted September 8, 2004 A little fact checking here... 1. The projected deficit was revised down ~50B 2. In raw dollars, it is a record high deficit. 3. In CPI adjusted dollars it is not a record high. Choose your poison when the country is at war.... Link to comment Share on other sites More sharing options...
Bottomfeeder 244 Posted September 8, 2004 Share Posted September 8, 2004 A little fact checking here...1. The projected deficit was revised down ~50B 2. In raw dollars, it is a record high deficit. 3. In CPI adjusted dollars it is not a record high. Choose your poison when the country is at war.... http://www.mises.org/fullstory.aspx?record=1328 The Roots of the Federal Debt Mises Memo, Fall 2003 The issue of government debt and deficits lay dormant throughout the high-revenue 1990s. But with recession and exploding government spending, the issue has become enormously important again. Sadly, just about everyone is missing the central point, which is not that we need budget reform so much as drastic monetary reform. More... _________________________________________________________________ I choose a currency that cannot be controlled by government. Opps, I mean the Federal Reserve. http://www.mises.org/fullstory.aspx?control=1595 Are you buying Iraqi Dinars? Link to comment Share on other sites More sharing options...
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