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This is so very sad.
The federal budget deficit for the period 1/31/2005 through 1/31/2006 was $568.3 billion.
Links to Total Public Debt Outstanding:
www.publicdebt.treas.gov/opd/opds012006.htm
www.publicdebt.treas.gov/opd/opds012005.htm
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The market doesn't care -- look at the 30-year bond issued this week.
4.545%!!
An inverted yield curve!
Can't use the argument that the deficit will push up interest rates, because the evidence is solidly otherwise.
Not that I like it anymore than others, but until we get a handle on entitlements, which the Democrats are holding hostage, all we can do is try to grow our way out of it.
A 14.5% surge in receipts last year (in a 3.5% economy) shows that the tax cuts have paid for themselves already, and we need to hold firm.