Publication Date: August 2007
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): James Horney
Research Area: Economics
Keywords: Recession; Economic projections; Federal budget
CBO’s projections confirm that the deficit for the current year will be smaller than had been anticipated earlier this year (CBO now projects it will be $158 billion, or 1.2 percent of Gross Domestic Product ) but offer no support for the claim that the President’s tax cuts are boosting the economy and significantly improving the budget outlook for coming years.