Congress report predicts budget gloom
January 25, 2005
A Congressional Budget Office (CBO) report publishes figures that suggests that the budget deficit can only be marginally improved for 2005. This suggests that George W. Bush may struggle to halve the deficit as promised.
Spiralling military operational costs in Iraq, coupled with major legilative changes to social security, as well as planned tax breaks, could see the deficit especially affected by major increases.
However, the CBO stressed that economic growth would particularly impact the figures, with strong growth helping to balance pressures on the deficit.
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