According to an article carried in the NEW YORK TIMES on January 8, 2002, President George W. Bush, a Republican, said that "he might not have a balanced budget this year". According to the TIMES, this would be the first federal government shortfall since 1997. While not linking his $1.35 trillion tax cut to the deficit, the President instead blamed the shortage on the expenses involved in fighting the war in Iraq, and on the recession, but some Democrats have blamed the tax cut.  (SOURCE:  Article, "President Acknowledges Budget Deficit Is Likely"-no author listed-in Business Digest feature, Business Day section, Tuesday, January 8, 2002, page L+  C1).    

(SOURCE:  NEW YORK TIMES, Tuesday, June 18, 2002, pg. L C15).

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