The administration’s five-year forecast assumes that Congress will extend Bush’s tax cuts. Adopted during Bush’s first term, they are due to expire in coming years unless extended or made permanent by Congress.
The White House expects the deficit to narrow to $160 billion in fiscal 2010 and reach a surplus of $48 billion in 2012.
“With pro-growth policies and spending discipline, we will balance the budget in 2012, keep the tax burden low, and provide for our national security,” Bush wrote to lawmakers in a letter accompanying the budget document.
UPDATE (11:37 a.m.): Here’s the bullet-points summary from OMB:
Ensures Sustained Prosperity
Makes tax relief permanent for long-term economic growth and sustainability. Improves Americans’ access to affordable health care by fostering a private marketplace, encouraging competition and improving efficiency. Builds on the success of the No Child Left Behind Act by supporting proposals to reauthorize and strengthen the law and increase our students’ competitiveness. Keeps the U.S. the most innovative nation in the world by implementing the American Competitiveness Initiative. Increases energy security by focusing on renewables, accelerating technological breakthroughs and expanding traditional sources to reduce our reliance on foreign oil.
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