The FY 2008 Budget of the United States was released today. If you're in a hurry, here are the summary tables.
My initial read is that there is a good bit of wishful thinking in there. PGL (three posts so far)and Menzie Chinn have various things to say. (Chinn is also quoted in the Wall Street Journal.) I'll just say that what the government actually spends in FY 2008 is likely to be a lot different from what you read today given the current composition of the Congress. Furthermore, the forecasts of the deficit contained in the initial February proposal are seldom very accurate. Perhaps that is a subject worth revisiting later.
You know - we should revisit the 2001 State of the Union address where Bush promised more spending (delivered), tax cuts (delivered), and to pay down the debt and save Social Security (cough, cough).