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 WASHINGTON (AP) - After three years of steadily climbing budget shortfalls, President Bush finally had some good fiscal news Wednesday: Surging revenues and a steady economy have led to a steep drop in the expected deficit for this year.
The annual White House midyear budget report projects that this year's deficit will drop to $333 billion, $79 billion below last year's record red ink and almost $100 billion less than earlier estimates.
Bush said the improving deficit picture vindicated his stewardship of the economy and budget.
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