1.31.2007
Bush Pledges Balanced Budget (Reuters.com)
Tue Jan 30, 2007 7:20pm ET146
By Caren Bohan
PEORIA, Illinois (Reuters) - President George W. Bush said on Tuesday he plans to submit a budget proposal for fiscal 2008 next week that would help the government balance its budget by 2012 while still keeping taxes low.
"I'm going to submit a budget for Congress to look at that shows how we can balance the budget in five years and keep your taxes low," he said in a speech to workers of heavy equipment maker Caterpillar.
It was the first of two speeches Bush is giving on the U.S. economy after his State of the Union address a week ago. The second is scheduled for Wednesday in New York.
The unveiling of Bush's fiscal 2008 budget on Monday will kick off months of wrangling over spending priorities, and some analysts are bracing for the most rancorous debate since a 1996 standoff that led to a temporary shutdown of the government.
The budget deficit was $248 billion in fiscal 2006, down from a record of $413 billion in 2004.
Democrats, now in control of Congress, are concerned that the cost of the Iraq war and Bush's vow to extend his tax cuts will worsen the budget picture.
(More ... Reuters > News > Politics)
By Caren Bohan
PEORIA, Illinois (Reuters) - President George W. Bush said on Tuesday he plans to submit a budget proposal for fiscal 2008 next week that would help the government balance its budget by 2012 while still keeping taxes low.
"I'm going to submit a budget for Congress to look at that shows how we can balance the budget in five years and keep your taxes low," he said in a speech to workers of heavy equipment maker Caterpillar.
It was the first of two speeches Bush is giving on the U.S. economy after his State of the Union address a week ago. The second is scheduled for Wednesday in New York.
The unveiling of Bush's fiscal 2008 budget on Monday will kick off months of wrangling over spending priorities, and some analysts are bracing for the most rancorous debate since a 1996 standoff that led to a temporary shutdown of the government.
The budget deficit was $248 billion in fiscal 2006, down from a record of $413 billion in 2004.
Democrats, now in control of Congress, are concerned that the cost of the Iraq war and Bush's vow to extend his tax cuts will worsen the budget picture.
(More ... Reuters > News > Politics)
Labels: Budget, Bush, Congress, Reuters
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