U.S. Budget Deficits Climbing Beyond Expectations

Whoops, I’m sorry. Did I say a $477 billion budget deficit? I meant to say $520 billion:

President Bush’s new budget will project that the just-enacted prescription drug program and Medicare overhaul will cost one-third more than previously estimated and will predict a deficit exceeding $500 billion for , congressional aides said .

Zowch! Remember that the medicare bill just passed about a month ago? At the time the White House was insisting that it had a $400 billion 10-year price tag. Now that it’s been passed and signed into law, they say it’s gonna be more like $540 billion.

And earlier this week, the Congressional Budget Office said they figured ’s budget deficit would be $477 billion. Now the White House says that the budget they’re going to submit will have a $520 billion deficit.

How will Bush respond to this bad news? Give up? How about by increasing funding for the National Endowment for the Arts? Bet you didn’t guess that.