After it was announced that the FY2003 budget deficit would inch even closer to the one-half trillion mark ($455 billion), the OMB announced that the average budget deficit for the next five years will be $380 billion--and this is based on the most optimistic assumptions. The White House defends its small tax cuts as being part of the solution to the deficit crisis, but based on its own projections, the solution it envisions must not kick in until sometime after 2008.
Era of Big Government Revisited
