president submits his budget proposal to the Congress in February for the
fiscal year that will begin on October 1st. Thus, the FY 2005 budget
proposal was submitted on February 2, 2004.
The first data point on each of the trendlines is
the actual budget surplus of deficit for the preceding year. The
second data point is the estimated surplus for the current year and the
remaining 5 data points are estimates for future years.
Thus, President Bush's FY 2002 budget proposal
estimated that the FY 2004 would see a 262 billion dollar surplus.
In his 2003 budget, FY 2004 was forecast to have a $14 billion deficit.
His most recent budget proposal estimates that the FY 2004 deficit will be
$521 billion (but even this estimate does not include at least $50 billion
for the war in Irag and Afghanistan).
My prediction: After his re-election, President Bush
will propose a FY 2005 deficit in excess of $600 billion.