Why is all this not computing?
Josh Marshall says:
The budget deficit last year was $318 billion.
In February, the White House 'estimated' (I use quotation marks because this is a standard trick for the Bush White House) the budget for 2006 would be $423 billion.
Today they released a new estimate that it would be $296 billion.
In other words, between February and July tax cuts reduced the deficit by a whopping $127 billion.
Would you fall for this?
Meanwhile, Think Progress notes that this will still be the 4th largest deficit of all time. The other three?:
1. 2004 (George W. Bush) $413 billion
2. 2003 (George W. Bush) $378 billion
3. 2005 (George W. Bush) $318 billion
Does W really think this is a winning issue, or that we're gonna buy the idea that we should be celebrating and congratulating him for merely turning a $284 billion surplus into a $296 billion deficit, instead of a $423 billion one?