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TUESDAY, AUGUST 28, 2001

The nonpartisan Congressional Budget Office on Monday released a forecast of the federal budget that shows the surplus has already been depleted beyond what President Bush and the White House have suggested.

According to the CBO, the government will have to spend $9 million of Social Security funds by September 30, the end of the fiscal year. Bush's analysis, released last week, showed there was a surplus of about $1 billion.

The drop in the surplus is attributed to a slowing economy and Bush's trillion dollar tax cut. Bush says the tax cut will stimulate the economy.

Get the Story:
CBO Casts More Doubts on Surplus (The Washington Post 8/28)
Budget Analysts See Need to Tap Social Security (The New York Times 8/28)
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