Reuters is reporting that the Congressional Budget Office (CBO) is expected to release deficit projections tomorrow showing deficits reaching approximately $500 billion for fiscal year 2004. In addition, the CBO's report will also contain 10-year budget forecasts, unlike the Administration's official numbers released through the Office of Management and Budget (OMB), which only have a five-year horizon. These longer-range forecasts are expected to show significant long-run damage to the budget outlook.

These reports continue to show an unprecedented deterioration in the budget, which showed a $236 billion surplus in 2000.