"Last week, President Bush's Council of Economic Advisors (CEA) released the 2003 Economic Report of the President (ERP) to little notice from the press or public. Yet the report, which is produced by the professional economists and staff of the CEA, directly contradicts a number of public statements by the President and other administration officials on two key economic issues: the effects of tax cuts on revenue and the relationship between budget deficits and interest rates.
As the federal budget has slid into deficit, President Bush has become more outspoken in his claims that tax cuts actually increase revenues for the federal government, as Dana Milbank has documented in the Washington Post. On November 13, the President stated, "Well, we have a deficit because tax revenues are down. Make no mistake about it, the tax relief package that we passed -- that should be permanent, by the way -- has helped the economy, and that the deficit would have been bigger without the tax relief package."
Spinsanity's got the whole scoop
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