I'll See Your $477 Billion and Raise You $23 Billion!

The Congressional Budget Office estimated the 2004 budget deficit to be a record breaking $477 billion. Record breaking, budget breaking and back breaking for all those middle class people (like me!) who are forced to carry the tax burden and for our children and grandchildren whose economies will be burdened with paying off this debt.

Not wanting, apparently, to be outdone, the White House released its estimate: $500 billion - or more.

Here's an interesting take on it from the WSJ:

The higher deficit estimate, to be reported in the president's 2005 budget request Monday, could give the White House political headaches in the short run, drawing further attention to the nose dive the government's finances have taken on President Bush's watch. But some analysts have suggested that the $500 billion estimate -- which White House officials have floated periodically since last summer -- could actually help Mr. Bush's cause if the fiscal year ends Sept. 30 with a deficit that is less than $500 billion. That could help Mr. Bush persuade voters that his policies have begun to turn around the deficit problem.

Turning around the deficit problem. Right.