Bush Sends Congress Budget for Fiscal 2003

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Last updated at: (Beijing Time) Tuesday, February 05, 2002

Bush Sends Congress Budget for Fiscal 2003

U.S. President George Bush on Monday Sent Congress the budget for the fiscal year of 2003 that would provide billions of dollars in new spending for the war on terrorism and homeland security.

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U.S. President George Bush on Monday Sent Congress the budget for the fiscal year of 2003 that would provide billions of dollars in new spending for the war on terrorism and homeland security.

According to the new budget, federal government's revenue amounts to 2,048 billion dollars in fiscal 2003, which begins October 1, 5.2 percent higher than the estimated 1,946 billion dollars for fiscal 2002.

The government's spending will increased to 2,128 billion dollars in fiscal 2003, up 3.7 percent from the estimated 2,052 billion dollars for the current year.

The budget projects a deficit for the current fiscal year of 106 billion dollars, breaking a string of four straight years of surpluses, a feat last accomplished 70 years ago.

For the 2003 budget, Bush projects a deficit of 80 billion dollars followed by a small deficit of 14 billion dollars in 2004 before surpluses return in 2005.

In a message accompanying the budget, Bush said his administration was prepared to do whatever it took to win the war against terrorism.

"My budget provides the resources to combat terrorism at home, to protect our people and preserve our constitutional freedoms," he said.

As a result, the military budget for 2003 would increase by 14.5 percent to 379 billion dollars, the biggest gain since 1982 when Ronald Reagan was president, with seven cents of every dollar in the proposal going for the war on terrorism.

The spending for homeland security in fiscal 2003 would nearly double to 37.7 billion dollars.

To make room for those big gains, spending for scores of other programs from highway spending to environmental projects would be cut.

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