The administration counters that Bush's first term tax cuts helped to lift the country out of the 2001 recession and provided support for a strong economic rebound that has resulted in the gusher of revenues this year. For August, the deficit jumped to $64.6 billion, up from $51.3 billion in August 2005. The federal government has run a deficit in August every year since 1954. Through the first 11 months of the current budget year, revenues have totaled a record $2.12 trillion, up 11.5 percent from the same period a year ago. Government spending is also at record levels so far this budget year, totaling $2.43 trillion, an increase of 7.6 percent from the same period a year ago. The faster growth in revenues than in spending has meant that the 11- month deficit of $304.3 billion is 14.1 percent below the red ink run up during the same period a year ago. And meanwhile gas is going down to the 2$ range. Looks like Bush is doing a helluva job.
