Yet another economic projection by the administration is falling short – and in record time. Just a couple weeks after the publication of the Economic Report of the President, which forecasted 3.8 million* new jobs would be created in 2004, administration officials appears to be backing off the job estimates. The forecast was for 320,000 new jobs every month – a number most observers agree is exceptionally high. Job growth has not reached even half this level in any month over the past three years, according to data from the Bureau of Labor Statistics.

The U.S. Treasury recently announced that the federal debt subject to congressional limits has for the first time surpassed $7 trillion - approximately 62 percent of gross domestic product. In addition, in fiscal year 2003, over $300 billion was spent on paying interest on the debt.