US President George W Bush said ovenight that official figures show the 2005 US budget deficit will be $US94 billion ($124.42 billion) less than had been forecast, and is on track to be more than halved by 2009.

"There's some good news today, OMB is going to announce that the 2005 deficit is 94 billion dollars less than previously expected," Mr Bush he said after a cabinet meeting, referring to the Office of Management and Budget.
"In other words, revenues are coming in greater than anticipated. It's a sign that our economy is strong and it's a sign that our tax relief plan, our pro-growth policies, are working," Mr Bush told reporters.