The Bush administration today released its projection for a record setting deficit for 2004. Administration officials noted that the projection of $445 Billion is much less than they earlier projection of $521 Billion. Increased revenues resulting for economic growth stimulated by tax cuts are credited for the improved projection. Blaming the deficits on the 2001 recession and the economic effects of 9/11 the administration notes that as a percentage of the total economy the current projection of 3.8% is well under the record of 6% set in 1983.

Democratic critics will likely complain about the timing of the announcement noting that the administration withheld the numbers until after the conclusion of Democratic Convention to prevent the deficit from being used as an issue in convention speeches.

Posted by: Stephen Macklin at 03:36 PM | No Comments | Add Comment