OGJ Editorial: The new spending spree

Terror attacks, war threats, and midterm elections obscure the return of a problem that the oil and gas industry should urge the next session of Congress to address: excessive spending by the US government.After 5 years of surplus, the federal budget in fiscal 2002, which ended Sept. 30, receded into a deficit estimated by the Congressional Budget Office (CBO) at $159 billion. In a $10.4 trillion economy, that's no great burden. And government outlays have good reasons to have exceeded revenues in the fiscal year just ended, chief among them a bumpy economy and spending related to the fight against terrorism.The deficit's good reasons, however, don't add up to $159 billion and...

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