Two recent economic reports on jobs and gross domestic product (GDP) indicate that the economy is showing some signs of weakness. The economy will begin to be under increasing pressure from higher oil prices, rising interest rates, and a ballooning deficit. Over the period from 2004 to 2009, the White House projects that $1,727 billion will be added to the federal debt -- and this projection does not include many policy proposals favored by the President and many in Congress which would increase the deficit even more.

On August 2, Treasury Secretary John Snow urged Congress to raise the federal debt limit without delay, and warned that the limit will be reached by late September or early October.

Washington, D.C., July 30, 2004 - The White House's Office of Management and Budget today belatedly released its annual budgetary "Mid-Session Review," which attempts to put a positive spin on massive and worsening deficits and the lowest level of revenue in a half century. Download full press release (.pdf)