"The grimmer budget outlook will be inherited by the next president, who succeeds Bush in 2009"

[Amerigo Vespucci]

Bush budget sees bigger deficits as economy slows

By Caren Bohan and Jeremy Pelofsky 47 minutes ago

WASHINGTON (Reuters) - U.S. President George W. Bush forecast the U.S. budget deficit would more than double in 2008 and blamed a softer economy as he unveiled a $3.1 trillion spending plan for fiscal 2009 on Monday that would nearly freeze domestic programs. The White House projections were immediately criticized by both Democratic and Republican lawmakers who said the numbers may gloss over the full extent of the fiscal deterioration and failed to include the full Iraq and Afghanistan war costs.

With the economy teetering on the brink of a recession, Bush said the deficit would reach $410 billion for the budget year 2008 that ends on September 30 and $407 billion for fiscal 2009 that begins on October 1.

The budget makes military spending and the Iraq war its centerpiece, proposing a 7.5 percent increase for the Pentagon to $515 billion.

On top of that Bush also sought another $70 billion for the conflicts in Iraq and Afghanistan but that money is only expected to cover those costs for part of 2009. The administration said it would ask for more Iraq money later. "The budget protects America and encourages economic growth. Congress needs to pass it," Bush said after meeting with his Cabinet. The grimmer budget outlook will be inherited by the next president, who succeeds Bush in January 2009.

http://news.yahoo.com/s/nm/20080204/pl_nm/bush_budget_dc









President Bush holds up a laptop computer containing the 2009 budget during a meeting with his cabinet at the White House in Washington February 4, 2008.
(Kevin Lamarque/Reuters)

[bdamomma]

1. * just shoveling all his sh$t to the next president. what an ass he is.