White House projects record $455 billion deficit

[diplomats]

WASHINGTON - The Bush administration projected Tuesday that this year's federal deficit will surge to a record $455 billion, underscoring the toll that recession, tax cuts and the costs of fighting terrorism are taking on the government's books.
The White House also estimated that next year's budget shortfall will hit $475 billion, though the red ink will ease downward to $226 billion in 2008, according to the figures obtained by The Associated Press.
Those figures accentuate that though the White House expects the huge shortfalls to begin to decline, they remain a long-term concern — especially with the huge baby boom population ready to start retiring later this decade.
The numbers, to be unveiled later in the day by the White House, were described by a Republican who spoke on condition of anonymity.
"The deficit certainly remains a concern, but it's one that is manageable and it's one that we are addressing," McClellan told reporters. "Over the next few years, we will cut this deficit in half. It is a priority that we are addressing."

You're addessing it, all right.

[RobertSeattle]

1. Cut it half?

Gee what a great goal - to cut the deficit in half. Kind of like a mass murder saying "I'm a good person - I only killed 8 people when I could have killed 16". Spin City a the White House.

[diplomats]

2. It's ironic, because when Clinton ran in '92

he promised to cut the deficit in half in four years, and he actually exceeded that easily. In fact, the deficit was gone in five or six years. We've gone from a record surplus to a record deficit in three years. That's depressingly mind-boggling.

[diplomats]

3. Check out this graphic

http://story.news.yahoo.com/news?tmpl=story2&u=/030714/161/4oikn.html