Deficits: Taboo No More

Have deficits lost their political sting? This Administration apparently thinks so. The budget proposal released by President Bush last week projects a deficit of more than $300 billion for each of the next few years. That's a far cry from Bush's election-year pledge to avoid red ink--though he now insists he made an exception for times of war, recession or national emergency. "A balanced budget is a high priority for this Administration," says Mitch Daniels, Bush's budget director. "It is not the top or the only priority." Republican consultants are betting the White House will not have to pay for this...

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