LiveJournal 7/16/2003 –

From CNN Money:

Deficits expected to reach $455B
White House acknowledges ballooning deficit and pledges for the first time to cut it in half.

WASHINGTON (Reuters) – The White House said on Tuesday the federal budget deficit would balloon to a record $455 billion this fiscal year after absorbing heavy costs from the war in Iraq, and then climb $20 billion higher in 2004, a presidential election year.