Bush budget to acknowledge higher deficits
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President George W. Bush will acknowledge on Monday that a slowing U.S. economy will lead to a higher budget deficit this year and next, as he unveils a $3 trillion fiscal 2009 spending plan that would boost military funding but nearly freeze many domestic programs.
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CRAWFORD, Texas  - Facing record budget deficits,  the Bush administration likely will turn to short-term  government borrowing to help finance its plan to add personal  retirement accounts to Social Security, officials said on  Saturday.
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The US budget deficit is set to reach a record $427bn in 2005, the White House predicts.
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Think of the uses of $300 billion, the annual gap between what taxpayers owe and what they pay. It would more than cover the federal deficit for a year or the extra money President Bush wants in 2007 and 2008 for Iraq and Afghanistan.
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President George W. Bush would like to see a package of tax cuts and other measures totaling around $140 billion to shore up the fragile U.S. economy, a White House document showed on Friday.
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President George W. Bush will on Monday unveil a $3 trillion budget that likely will spark anew the wrangling between the White House and the Democratic-led Congress over Iraq war funding, tax cuts and the sagging economy.
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President Bush on Monday proposed a  $2.5 trillion budget that slashes domestic programs from farm  aid to housing grants for the poor, as he sought to curb budget  deficits that have soared on his watch.
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President George W. Bush said on Saturday his upcoming budget proposal would emphasize restraint on domestic spending while making defense and war costs for Iraq and Afghanistan the top priority.
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Trimming the record US budget deficit should be the top economic priority for the second term of President George W. Bush, a survey of economists showed.
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President Bush today unveiled a tough-minded, $3 trillion budget proposal for fiscal 2009 that would slice $14.2 billion from the growth of federal health care programs, eliminate scores of programs and virtually freeze domestic spending--but would still record a $407 billion budget deficit.
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The White House on Wednesday is expected to project a U.S. budget deficit for this year of just over $200 billion, down from prior estimates because of strong tax receipts, Republican sources said.
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President Bush will present a budget tomorrow that would slow the growth of Medicare and cut or eliminate an array of domestic programs but still anticipates a flood of new red ink that will rival the record deficits of his first term, administration officials said.
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The record $3.1 trillion budget proposed by President Bush on Monday would produce eyepopping federal deficits, despite his attempts to impose politically wrenching curbs on Medicare and eliminate scores of popular domestic programs.
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The U.S. budget deficit will reach  $368 billion this year before any war costs are added in, the  Congressional Budget Office said on Tuesday, according to a  source familiar with the worse-than-expected numbers.
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President Bush pledged Wednesday to work with Congress to reduce the government's huge budget deficit as a key step in assuring the world that his administration supports a strong dollar.
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The White House will project that this year's federal deficit will hit &#36;427 billion, a senior administration official said Tuesday, a record amount partly driven by wars in Iraq and Afghanistan.
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One guiding star in the &#36;2.5 trillion budget that President Bush ships Congress next month will be his goal of cutting the federal deficit in half by 2009.