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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56491)	11/28/2001 10:53:09 PM
From: StanX Long	Read Replies (2) \| Respond to of 70976

The True Cost of War Budget Chief: Federal Deficits Until 2005 Due to Recession, Terror War By Alan Fram The Associated Press abcnews.go.com W A S H I N G T O N, Nov. 28 — The recession and the costs of war and battling terrorism have made annual federal deficits likely for at least the next three years, the White House budget director said today. The prediction by budget chief Mitchell Daniels was one of the gloomiest assessments yet of the government's fiscal health. And it was the first time an administration official has publicly acknowledged that deficits — banished since surpluses first appeared in 1998 — are likely now for several years. "It is regrettably my conclusion that we are unlikely to return to balance in the federal accounts before possibly fiscal '05," Daniels said in a speech at the National Press Club. He added, "Things will have to break right for us to do that." Daniels' comments further underlined what has been a turnaround in the government's budget picture of unprecedented abruptness.