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10/15/2004

Deficit Day

Treasury yesterday reported total FY 2004 receipts of $1,880 billion and total outlays of $2,292 billion, for a deficit of $413 billion. 18% of the FY 2004 budget is funded by future generations. By my calculation, deficit spending begins on day 300 of this year, or October 26 - exactly one week before the presidential election.

 

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