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Bush predicts budget gap closing
US President George W Bush has said that the nation's large budget deficit will be $94bn (£53bn) less in 2005 than originally projected.
The White House now sees a deficit of $333bn for the fiscal year to October, after the Office of Management and Budget's (OMB) "mid-session" update.
Mr Bush also said the government was still on track to cut the deficit in half by 2009.
The news came on the back of increased tax revenues in recent months.
In February, the administration had estimated a projected budget deficit of $427bn for 2005.
Originally posted by lmgnyc
It is just spin.