Washington (Oct. 1, 2003) -- A coalition of bipartisan budget analysis groups warned that the 10-year federal deficit could exceed $5 trillion and called on both Congress and President George W. Bush to “develop a realistic plan for putting the nation‘s fiscal house in order.”
The study, conducted by the Center on Budget and Policy Priorities, the Concord Coalition, and the Committee for Economic Development, takes into consideration the cost of continuing alternative minimum tax relief, permanently extending President Bush's 2001 and 2003 tax cuts, and other domestic spending.
Two months ago, the Congressional Budget Office predicted the 10-year budget deficit at $1.4 trillion.
The projections were released jointly by the Committee for Economic Development, an organization of business leaders and educators; the Concord Coalition, a bipartisan fiscal policy organization; and the Center on Budget and Policy Priorities, a policy research organization that focuses on fiscal issues and issues affecting low- and moderate-income families.
-- WebCPA staff
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