Steve Olsen asks: Is the deficit going down?

One statistic Republicans are touting these days is the FY 2006 deficit of 248 billion dollars - down from 318 billion in FY 2005. President Bush is claiming his promise to cut the deficit in half has been reached three years early. Here's proof, say the Republicans, that their fuzzy math really works, that you can spend like drunken sailors while giving huge tax cuts to the wealthy, and somehow the budget will magically balance itself.

Is this really true?

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