Originally created 02/28/04

CBO: Bush budget would produce $2.75 trillion deficits over decade



WASHINGTON -- President Bush's budget would produce deficits totaling $2.75 trillion over the next decade, the Congressional Budget Office projected Friday in the first authoritative look at the plan's longer-range implications.

The forecast - $737 billion worse than the budget office expects should Congress ignore Bush's tax and spending plans - is sure to factor into this year's presidential and congressional campaigns.

Bush sent lawmakers a $2.4 trillion budget for 2005 on Feb. 2, but it projected outward only for five years. The White House argues that longer-range forecasts are guesswork, but Democrats say the administration wants to hide future deficits that will career out of control as baby boomers begin to retire.