OMB Estimate Of Deficit Overestimated
Business Week reports that OMB's estimate of '04 budget deficit is not as great as originally projected.Such an overestimation is understandable because OMB could not be in a position of underestimating the cost of the IRAQ conflict.

" In the case of money that Uncle Sam took in, the figures for the year confirm that the erosion wasn’t the catastrophe that many had feared. Receipts fell almost 7 percent during the last fiscal year, with much of the decline due to the recent round of tax cuts, which had a sharp negative impact on the final quarter of the fiscal period."