Federal deficits soaring higher, menacing the future

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WASHINGTON — President Bush took office in 2001 with a budget surplus, but his final budget proposal envisions federal deficits of more than $400 billion a year for the next two years. As big as those numbers are, experts think that the administration is lowballing the deficits, and they put little stock in Bush's vow to balance the budget by 2012.

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