ON February 6, 2006, the President submitted the Federal Budget of the U.S. Government, Fiscal Year 2007 to Congress. (1) For fiscal year 2007, the Federal budget projects a $354.2 billion deficit, a $68.9 billion decrease from the $423.2 billion deficit that is projected for fiscal year 2006. The fiscal year 2005 deficit was $318.3 billion. (2)
The budget is presented on a "unified budget" basis, in effect, an administrative or cash basis. It is effectively a financial plan for ...