Bush Makes Progress in Halving Deficit [View All]

*that's the published title

WASHINGTON - One guiding star in the $2.5 trillion budget that President Bush (news - web sites) ships Congress next month will be his goal of cutting the federal deficit in half by 2009.

Bush first proclaimed that objective in his spending plan last year. That was months before the 2004 federal budget shortfall came in at a record — but less than expected — $412 billion.
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Last year's deficit was $35 billion worse than in 2003. Yet administration officials say they made big progress toward reaching their target.

That's because White House budget chief Joshua Bolten defined their starting point as the $521 billion deficit for 2004 that the administration projected a year ago.

Since the actual 2004 shortfall ended up at $412 billion, the White House claims it made progress to the tune of $109 billion. It also let them set a bigger deficit target for 2009: $260.5 billion, which is half of $521 billion.

http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20050113/ap_on_go_co/halving_the_deficit_q_a