THE BUDGET FANTASYLAND CONTINUES….Hot on the heels of the CBO’s projections, the White House made their own budget projections today:

President Bush will ask Congress for an extra $80 billion next month, mostly to cover costs of the war in Iraq, and White House officials predicted this afternoon that the budget deficit would hit a new record of $427 billion this year.

….White House officials said today that they were still on track to fulfill President Bush’s campaign promise of reducing the budget deficit in half by 2009.

So last year’s deficit was $412 billion, and this year’s deficit will be $427 billion, but they’re still “on track” to cut the deficit in half.

Clap your hands!