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 WASHINGTON (AP) - President Bush's proposed federal budget would probably not produce its advertised surplus of $61 billion in five years, according to new estimates from the Congressional Budget Office.
Instead, Bush's February budget plan would produce a $9 billion deficit by 2012 if it were to be enacted, CBO maintained.
The main reason for the differences between the two estimates is a more optimistic White House revenue projection. CBO sees revenues $119 billion lower in 2012 than does the administration's Office of Management and Budget.
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