This Is Being Conservative?

CBO pegs this year's deficit at $368 billion
New 10-year projection excludes overhaul of Social Security, war costs, tax cut extensions
The Associated Press

Story Link: Here

WASHINGTON - As details of President Bush’s new $80 billion request for wars in Iraq and Afghanistan were emerging Tuesday, Congress’ top budget analyst projected projects this year’s shortfall will be $368 billion. That was close to the $348 billion deficit for 2005 it forecast last fall. If the estimate proves accurate, it would be the third-largest deficit ever in dollar terms, behind only last year’s $412 billion and the $377 billion gap of 2003.

The report projected $855 billion in deficits for the next decade. But that figure leaves out three of the costliest items on the Bush administration's agenda, including the continuing funding of military operations and reconstruction in Iraq and Afghanistan.

Besides lacking war costs, the budget office’s deficit estimates also omitted the price tags of Bush’s goal of revamping Social Security, which could cost $1 trillion to $2 trillion and dominate this year’s legislative agenda; an estimated $1.8 trillion price tag of extending Bush’s tax cuts and easing the impact the alternative minimum tax would have on middle-income Americans; and other expenses.

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I guess this is what passes for being conservative now. Hey, give me a trillion dollar credit line and let me pass it on to the next generation to pay and let's see what I can do with it.