FY2004 Budget Arrives

The President has published his FY2004 budget.
The facts:
Small spending increases in non-defense areas, and deficits over $300 billion estimated for 2003, 2004. By 2008 (assuming economic recovery) the deficit is projected to fall to $190 billion.
These deficits would put the amount of debt held by the public at around 37% of GDP for the next 5 years.
*The budget does not account for any costs of a war with Iraq.
Read it for yourself!
Budget of the United States Government, Fiscal Year 2004
For the numbers see Analytical Perspectives (FY2004)
Comparison of FY2003 and FY2004 budget documents:

Budget Surpluses ($billions)
	2002	2003	2004	2005	2006
FY2003 Budget:	-106.2	-80.2	-13.7	61.1	86.2
FY2004 Budget:	-157.8	-304.2	-307.4	-208.2	-200.5

Economic Assumptions: Real GDP growth 4Q-4Q
	2001	2002	2003	2004	2005	2006	2007	2008
FY2003 Budget:	–0.5	2.7	3.8	3.7	3.5	3.1	3.1	3.1
FY2004 Budget:	0.1	2.9	3.4	3.6	3.4	3.3	3.1	3.1

Filed under: Economics, Fiscal Policy, Policy