On the recordNovember 1, 2005
As I understand it, today, after this series of excessive tax cuts the President has pushed through, using this reconciliation process--actually, I think, abusing it, not using it, because it was designed to reduce deficits, not to increase deficits-- but using this fast-track procedure, the President and his allies in the Congress have pushed through a series of excessive tax cuts. So as I understand it, we are now in deficit, $317 billion for the fiscal year that just ended, and we are facing projected deficits, over the next 10 years, of $4.5 trillion; is that correct?
Source
govinfo.gov
