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2/01/2005

1/2 THE DEFICIT IS BUSH’S TAX CUTS FOR RICH

The tax cuts that mainly benefit the wealthy, which President Bush pushed through in his first term, account for 49 percent of the nation’s record budget deficit, according to figures from the Congressional Budget Office. An analysis of the CBO figures by the Center on Budget and Policy Priorities (CBPP) finds that without the tax cuts the nation would be enjoying a budget surplus instead of a record $427 billion deficit. Despite claims by Republican lawmakers and the Bush White House that so-called runaway domestic spending is a major deficit culprit, the CBPP found domestic spending increases account for just 13 percent of the increased spending gap. Visit www.cbpp.org for more information.

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