Monday, February 02, 2004
Surprise, Surprise, Surprise
WASHINGTON (Reuters) - Facing a record $521 billion deficit, President Bush proposed a $2.4 trillion election-year budget on Monday that will cut dozens of domestic programs and set deficit-reduction goals that even fellow Republicans are skeptical he can meet.
Defense contractors including Lockheed Martin Corp., Boeing Co., Northrop Grumman Corp., Raytheon Co. and General Dynamics Corp. stand to benefit as Bush's $401.7 billion military budget increases spending on missile defense and on modernizing the Army.
In a tacit acknowledgment that deficits are here to stay, Bush set the goal of bringing this year's record $521 billion shortfall down to $364 billion in fiscal 2005, to $241 billion in 2007 and then to $237 billion in 2009. There is no talk of surpluses in the foreseeable future. - Yahoo
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