White House to Project Record Deficit

The White House will project soon that this year's federal deficit will exceed $420 billion, congressional aides said Tuesday, a record figure certain to ignite partisan warfare over President Bush's handling of the economy. The annual summertime analysis is expected out this Friday, said several congressional aides speaking on condition of anonymity. That would be well after the frequently ignored legal deadline of July 15. White House budget office spokesman Chad Kolton said the report will be issued when it is ready, and offered no date. Friday will be a day after the Democratic National Convention ends - a release date that would prevent presidential candidate Sen. John Kerry, D-Mass., and others at the gathering from citing its figures to criticize Bush. Some aides said they believed the projected shortfall would be close to $450 billion, though one said it would be about $420 billion. [more]