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]
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