Bush said we are in a recession today [View All]

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http://story.news.yahoo.com/news?tmpl=story&cid=1504&ncid=1504&e=7&u=/afp/20030724/bs_afp/us_bush_economy_030724231049

Bush defends budget deficits, says economy will improve

DEARBORN, Michigan (AFP) - President George W. Bush brushed aside criticism of a record federal deficit in his budget projections, saying the recession and the war in Iraq are to blame.

"We've got a deficit for a couple of reasons," Bush said during a visit to Dearborn, Michigan.

"The main reason is, is that when you're in a recession, less money is coming into the Treasury. When the economy slows down, there's less tax revenue coming into the US Treasury. And we've been going through slow economic times."

He added that the war in Iraq has been expensive as well.

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