CBO: Gov't Faces Years of More Deficits

By JIM ABRAMS
Associated Press Writer

WASHINGTON (AP) -- The federal government is in store for at least eight more years of budget deficits, including a record $480 billion shortfall in 2004, congressional budget analysts said Tuesday.

The Congressional Budget Office also warned that the numbers will become more dire if the White House gets its way on tax cuts and Congress fails to rein in spending.

They said the budget outlook "has worsened substantially" since its last review in March, when it put next year's deficit at $200 billion. Much of that is the result of subsequent acts of Congress to cut taxes and increase spending for defense and the war in Iraq, it said.

The CBO, a nonpartisan group, said the budget will edge back into the black in 2012 and 2013, but will record an accumulated deficit of almost $1.4 trillion in the 2004-2013 period. In March, it predicted a surplus of $891 billion in that period.

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Thank you George Bush and the Republican right for tanking the country. You've had you chance to screw things up. Its time to put a Democrat back in the White House to bring fiscal restraint and positive economic policy back.