Bush: Tax Cuts Reduce Deficits, AP: Cuts Cause Them
Somebody's got it wrong. In explaining the lower-than-projected deficit, President Bush today gave credit to his tax cuts. As reported in this AP article, in a speech Tuesday announcing the good news, "Bush said the improvement is due to tax cuts he pushed in 2001 and 2003" and keeping the lid on domestic spending.
But when the AP weighed in with its own analysis, it was 180 degrees opposite from the president's. Here's what the AP reported as fact:
"Several rounds of tax cuts, including Bush's signature $1.35 trillion tax cut in 2001, also contributed to the return to deficits four years ago after four years of budget surpluses."
Personally, I'm going with the president and the Laffer Curve.
Just for a little comic relief, here's what Harry Reid had to say, as reported by AP:
"Let's not boast about a $300 billion deficit. Any statistic you look at recognizes the rich in America are getting richer, the poor are getting poorer and the middle class is getting squeezed."
Time to freshen up the material, Harry. That line's as stale as last month's pita pocket.