After years of naysaying and avoidance, President Bush recently delivered a budget that finally seems to acknowledge that something has to be done to reduce the ballooning U.S. budget deficit. The United States is expected to fall a record 427 billion dollars in the red during fiscal year 2005, surpassing last year's deficit of 412 billion dollars. The Bush administration says its plans will reduce the deficit from 3.5 percent of gross domestic product in 2005 to 1.5 percent of GDP by 2009. And while there's a healthy amount of skepticism as to exactly how the administration plans to do that, it's a good sign that the issue has registered on the President's radar.
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