Data released by the Treasury showed that the budget deficit for the 2007 budget year was 34.4% lower than the red ink of $248.2 billion in 2006. For this entire fiscal year, the government’s revenue hit a record of $2.57 trillion, while its spending also set an all-time high of $2.73 trillion.
“This year’s budget results demonstrate the remarkable strength of the US economy,” said Treasury Secretary Henry M. Paulson. “This strength has translated into record-breaking revenues flowing into the US Treasury and a continued decline in the federal budget deficit.”
“Our short-term budget outlook is improving, but beyond the horizon is a huge budgetary challenge: the unsustainable growth in Social Security, Medicare and Medicaid,” warned White House budget director Jim Nussle.
The US government budget deficit set a record of $413 billion in 2004. In the budget sent Congress in February for 2008, the Bush administration projected the government could eliminate the deficit completely and return to a surplus by 2012. The federal budget boasted a surplus for four years, from 1998 through 2001. (people.com.cn)
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