White House Projects Record Deficit

White House projects record deficit

It's a lot of red ink -- the most in the nation's history. The White House is projecting this year's budget deficit will hit 445 billion dollars. That would be the largest ever in dollar terms, but actually an improvement over forecasts from earlier this year -- when a 521 billion dollar shortfall was predicted.

The final figure will be ready in time for the November election. The deficit has grown during each of President Bush's years in office, which followed four straight surpluses. While Democrats are sure to seize on that during the campaign, a White House spokesman says the administration is on track to meet Bush's commitment to cutting deficits in half.