WASHINGTON (CNN) - President Bush sent Congress Monday a $3.11 trillion budget request that projects a deeper deficit than expected over the next two years but projects a balanced federal budget by 2012.
A key Democratic senator said the spending plan "will be quickly forgotten."
In the short term, under the president's proposal, the deficit for next year is already estimated at $407 billion. The current year deficit was originally supposed to be only $162 billion, but has shot up to a projected $410 billion because of added war costs and other supplemental expenses. This formal request for Fiscal Year 2009, which begins October 1, asks for a 6 percent more in total government spending.
"The primary reason for increasing deficits in the near term is the president's economic growth package and an expected slowing of receipt growth, due to an expected reduction in corporate tax receipts from recent record highs," according to the to the budget request.
The president is asking for $515 billion in defense spending, which does not yet include most of costs of the wars in Iraq and Afghanistan (those amounts will come in supplemental requests later).
Nevertheless, the White House says it expects the deficit to fall to $160 billion in fiscal 2010 and reach a surplus of $48 billion in 2012.
"With pro-growth policies and spending discipline, we will balance the budget in 2012, keep the tax burden low, and provide for our national security," Bush wrote to lawmakers in a budget letter.
Sen. Kent Conrad, D-N.D., the Democratic chairman of the Senate Budget Committee, said in a statement that the Bush budget "will be quickly forgotten." Conrad notes that the budget leaves out large costs from Iraq and Afghanistan war fighting and does not include any relief from the alternative minimum tax beyond 2008.
The administration is proposing cuts in entitlements, mostly from cuts in Medicare spending, of $16 billion next year and $619 billion over 10 years.
The administration's five-year forecast assumes that Congress will extend Bush's 2001 and 2003 tax cuts. These cuts are due to expire by about 2011 unless extended by Congress.
- Senior producer Scott Spoerry
I am writing simply to say that I'm speechless! The fact that Bush represents our country is a shame and an outrage.
Im Proud to say Im one of the 59 Million + people in this country that didnt vote for this idiot!
Bush is only asking for enough to see his term thru, he will let the next president show americans that we are not leaving the middle east by asking or demanding supplimental funding. It's a kind of a "see what Ive been trying to tell ya" moment after the next president takes office and the first thing they have to do is fund the on-going war.
To put this in perspective, it is about $11,000 for every man, woman, and child in this country. What's your family's share?
Gary in Detroit,,
You struck upon an idea I haven't considered. It didn't occur to me that our leading export (our jobs and manufacturing capacity) were traded for loans to keep our overspending going. It makes sense though. Our political leaders staunchly refuse to accept the idea that most Americans would rather work and buy American than beg for scraps and buy what little they can afford from the Chinese. When the Chinese come to America (armed),, they'll remember who betrayed their countrymen and do something evil to the politicians who helped them get here.
Thank God I was smart enough not to vote for him, I knew he was going to be a disaster from the beginning, a "C" average in high school, got walked through ivy league college by daddy, then lost the popular vote and somehow still became president. I wonder how you people you voted for him look yourselves in the mirror. I cant believe you elected a president that would put us in this big of a hole?! You didn't see this coming? come on America! wake up!
we need another Clinton to fix another Bush's mess
Can't we send President Bush home early. . .again, he's after his own agenda and completely ignoring our country's needs and wants. At least, can we send him to bed without either dinner or a budget.
First it was Nixon, then Reagan, Bush father and Bush son. I was recently reading "The Unfinished Nation" by Alan Brinkley and "The Seventies" – history keeps repeating itself every time there is a Republican in the White House. They always talk about cutting taxes (they don't say it's only for the rich), they talk about small governments (all programs included – EXCEPT the defense in which they pump a lot of money – more and more with each new Republican president), moral values (which they are the first ones to brake – kind of like, do what I say not what I do), and last but not least they talk about fiscal restrain, but they run the biggest deficits in the history of the country (Reagan more than Nixon, not to mention Bush son which makes Reagan's deficits – which by the way were also record deficits at that time- look like nothing)
Georgie is asking Congress to ask China to lend us some more money ... (since ours isn't worth the paper to wipe your butt on)
Why not ask CNN to ask (whoever is telling them to censor Ron Paul) for it? Surely there's enough money from those pockets to bail Georgie's sinking ship – which happens to be taking us along for the ride ...
Million, Billion, Trillion.......
Do you know what comes NEXT?
I wonder if I will live long enough to see that figure in the federal budget........
There is a lot of reference to the tax cuts for business that Bush is tryinf to make permanebt. Can anyone define what the cuts actually are ?? JB
Why do republicans always want to spend so much money on stuff that destroys and kills and so little on stuff that builds and helps?
Alice in Florida…I don’t turn my TV off. I greet him with an obscene salute and a few words that perhaps my grandkids shouldn’t hear.
Economic Growth packages are not authorized under the Constitution.
When Gov. Bush left Texas, it was in a financial mess and bankrupt. The Worse President Ever has now done the same thing to our country.
I voted for this President and as a result have completely lost faith in the Republican party. Republicans are hypocritical and vitirol.
The Republican party entered the century with a budget surplus and growing economy only to leave it more in debt, an unneccesary and unfinished war, a recession on the verge of stagflation, out of control immigration issues, melting down health care system and record energy costs (as well as record energy company profits).
Bush is the WORSE. PRESIDENT. EVER.
I'd say the tax cuts are probably going to favourable Chinese Empires. Probably Bush's idea on how to get a subsidy on the mega debt he owes China
bush never cared about the poor, disabled and elderly people, he is always trying to take things away from these people. he needs to be increasing benefits to the disabled and elderly, and they deserve a stimulus package too. i, for one will be glad when bush"s presidental days are over and pray for a president that will stand up for the poor, disabled and elderly in this country. bush is a real loser. i hope congress will stand up for us. thanks
Way to go, Farrell from Houston, you got it right. He's (Bush) never cared what Americans thought about his fiscal policies. When the "R" rule the House and Senate he turned a blind eye to any and all spending legislation, and look where it's gotten us. Now he's submitting a $3.11 trillion budget request, what a joke! I wonder if he knows how many zeros are in a trillion. Like many, I'm "waiting to exhale" on 20 Jan 09; Hurry!!!
Our pitiful 110th liberal Congress isn't worried about the deficit, in fact, it wants to make the budget 30% bigger by adding more handouts to the stimulus package.
Hmmmmm, why doesn't CNN post that article??
idiot Bush out of the White House.. I am soo sick of ur lies..