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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (274255)	7/12/2002 3:59:01 PM
From: Skywatcher	Read Replies (1) \| Respond to of 769670

Shocking news.....just as the TIME SQUARE DEBT CLOCK TURNED BACK ON!!!!! Hey...it only registers about 6 TRILLION DOLLARS AND CLIMBING THANKS TO W AND DICK Spending debate likely July 12, 2002 Posted: 12:13 PM EDT (1613 GMT) From John King and Suzanne Malveaux CNN Washington Bureau WASHINGTON (CNN) -- A new White House forecast projects a federal budget deficit of roughly $160 billion in the current fiscal year -- up from the $106 billion in red ink the Office of Management and Budget predicted in February, according to two administration officials. But the White House numbers to be released Friday by that office project the deficit will begin to shrink next year -- an outlook at odds with congressional budget experts who project the federal deficit to grow again in fiscal 2003, which begins October 1. The new numbers will re-ignite the debate -- and this time in the mid-term election environment -- over why the government is back in the red after surpluses at the end of the Clinton administration. The Bush White House blames a slowing economy, the costs of the September 11 terror attacks and the resulting war on terrorism. Democrats say the big Bush tax cut also contributed to the change from surpluses to deficit spending. The budget office is scheduled to release its new deficit projections at a 2:30 p.m. ET news conference. The White House officials said the OMB expects the U.S. budget will move out of deficit and toward balance by 2005 -- if there is sustained economic growth and an adherence to Bush's fiscal policies of tax cuts and moderate government spending. The OMB will advocate that the path to getting out of the red while still fully funding homeland security and the war on terrorism will be to slow down the growth of government spending in all other areas from 8 percent -- a percentage seen for nearly 10 years -- to 2 percent, said one White House official. CC