More of the Republican “Legacy”
Bush budget sees bigger deficits as economy slows
WASHINGTON (Reuters) - U.S. President George W. Bush forecast the U.S. budget deficit would more than double in 2008 and blamed a softer economy as he unveiled a $3.1 trillion spending plan for fiscal 2009 on Monday that would nearly freeze domestic programs.
The White House projections were immediately criticized by both Democratic and Republican lawmakers who said the numbers may gloss over the full extent of the fiscal deterioration and failed to include the full Iraq and Afghanistan war costs.
With the economy teetering on the brink of a recession, Bush said the deficit would reach $410 billion for the budget year 2008 that ends on September 30 and $407 billion for fiscal 2009 that begins on October 1.
The budget makes military spending and the Iraq war its centerpiece, proposing a 7.5 percent increase for the Pentagon to $515 billion. Click here to read more at Yahoo News, if you want…