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 A Record Deficit
 
 THE BUSH administration announced last week its revised figure for this year's budget deficit: $445 billion. This, or so the spin goes, is good news, because the original forecast was even higher -- $521 billion. But outside budget experts had warned that the forecast was inflated, which tarnishes any celebration of the new number. Not that the administration was deterred. "This improved budget outlook is the direct result of the strong economic growth the president's tax relief has fueled," crowed Office of Management and Budget Director Joshua B. Bolten.
 
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