Citing the fact that President Bush's recently unveiled $2.57 trillion budget relies heavily on cuts spanning just a fraction of government programs, the Congressional Budget Office said as a result, trimming the record deficit would be a "difficult exercise." The president recently sent Congress his fiscal 2006 budget, which proposes widespread cuts in domestic spending -- including eliminating or reducing 150 underperforming programs. The new budget also raises spending levels for defense and homeland security programs. "Discretionary spending as whole is a third of the budget. You take off half of that in defense and some more in homeland and you're looking at a small fraction of the budget as the lever by which you try to bring things to a balance," said CBO director Douglas Holtz-Eakin. "That's a very difficult exercise." The CBO's deficit forecast for fiscal 2006 is $295 billion, which excludes the costs associated with the conflicts in Iraq and Afghanistan. Meanwhile, The White House has projected a third consecutive shortfall of $427 billion this year, a figure that includes the war costs.
-
New FICPA chair begins tenure; Blue & Co. opens new office in Chattanooga; and more news from across the profession.
6h ago -
House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.
6h ago -
Plus, FileAI announces V2 platform launch; Foxit launches PDF and Document Workflow APIs; and other accounting tech updates.
6h ago -
The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.
10h ago -
The jobs report beat expectations, while the unemployment rate dipped one-tenth of a percentage point to 4.1%.
11h ago -
The art practice of New York City accounting firm LMC helps clients go from "starving" to successful artists in need of the firm's tax and advisory services.
11h ago