Budget panel says deficit by '12 likely with Bush's plan

[ck4829]

President Bush's proposed federal budget probably would not produce its advertised surplus of $61 billion in five years, according to new estimates from the Congressional Budget Office.

Instead, Bush's February budget plan would produce a $9 billion deficit by 2012 if it was enacted, the CBO maintained.

The main reason for the differences between the two estimates is a more-optimistic White House revenue projection.

The CBO sees revenue $119 billion lower in 2012 than does the administration's Office of Management and Budget.

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