White House

White House expects $427 billion deficit

The New York Times:

The White House announced on Tuesday that the federal budget deficit was expected to rise this year to $427 billion, a figure that includes a new request from President Bush to help pay for the war in Iraq.

The White House's announcement makes it the fourth straight year in which the budget deficit was expected to grow; as recently as last July the administration had predicted that the deficit, which was $412 billion last year, would fall this year to $331 billion.

So much for cutting the deficit in half by 2010. However, remember that the White House has entertained the option of making it seem as if they've reduced the deficit when the actual numbers come in and they happen to be lower than the projections. In other words, if the actual deficit ends up being $327 billion they'll claim they reduced the deficit by $100 billion.