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 this year, congressional aides said Thursday.

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 this year’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.

Thanks to Qiwi Lisolet at Catallarchy for giving a plug to the Picket Line.