by TChris

In July, the Bush administration predicted that last year's budget deficit of $412 billion would fall to a mere $331 billion this year. Today the administration admitted that the number will be closer to $427 billion, making this the fourth consecutive year in which the deficit has grown.

Although "senior administration officials insisted they were still on track to fulfill Mr. Bush's campaign promise of reducing the federal budget deficit by half by 2009," the administration has offered no convicing plan to meet that pledge while moving forward with its other costly goals: making last term's tax cuts permanent, paying for the aftermath of the war in Iraq (and maybe a war in Iran?), and privatizing social security.

The administration asked Congress for about $75 billion to cover war costs in Iraq and Afghanistan, but provided few details about how the money will be spent. It asked for another $5 billion for related purposes, including "financial aid to Palestinians as they try to build a democratic government and a heavily fortified embassy in Iraq for the State Department."