These people expect us to believe that they'll half the deficit?

The White House will project that this year's federal deficit will hit $427 billion, a senior administration official said Tuesday, a record partly driven by wars in Iraq and Afghanistan.

The official, among three who briefed reporters on condition of anonymity, said the estimate was a conservative one that assumed some higher spending than other analysts use. Last February, the White House projected that the 2004 shortfall would hit $521 billion, only to see it come in at $412 billion.

[...]

Even so, the number was among a blizzard of figures released Tuesday that illustrated how federal deficits remain a problem that Bush and Congress must reckon with.

The nonpartisan Congressional Budget Office said that thanks to tax cuts and hurricane aid passed since its last calculations in September, the 10-year deficit had worsened since then by $503 billion, not counting war expenditures [emphasis added].

Link.

If you figure in the cost of the war, the CBO predicts next year's deficit at a whopping $448 billion, the highest ever. This is worst fiscal record in the history of America.