"Negative $157 billion!" That's the official "off- budget" estimate for 2002. Talk about deficits usually makes for dull politics. But Democrats want to try to squeeze a little drama out of this one. There's an election in November, and they would like nothing better than for voters to believe that the current deficit estimates are very bad, and that Republicans are the cause.
Sullivan's article ignores the largely political issue, focuses on the economic issue and concludes that the public should not panic over deficit projections.
This article appears in the September 2, 2002 issue of TAX NOTES magazine, a weekly magazine covering federal, state, and international tax issues. You may quote from this article, or reprint it, but please notify us if you do so and please credit Tax Analysts.
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Media Release 2002-10