"The Administration released its FY2005 Mid-Session Review (MSR), containing revised budget estimates, on July 30, 2004. The MSR projected a FY2005 deficit of $331 billion, $32 billion below the Administration's February 2004 original estimate. According to the MSR, expected higher receipts, partially offset by expected higher outlays, reduced the deficit estimate for FY2005. The President's original FY2005 budget (February 2004) included, among many policy proposals, extending and making permanent many of the tax cuts adopted in 2001 and 2003. On May 12, 2004, the Administration requested an additional $25 billion for the ongoing operations in Afghanistan and Iraq. The MSR indicated that more funding beyond the May request will be needed in FY2005. The budget did not include estimates for the cost of the war on terror beyond FY2004, provided limited information on the costs of extending the tax cuts past FY2009 (which is the period in which most of their budget effects would occur), and did not propose providing relief from the expanding middle-class coverage of the alternative minimum tax (AMT) after FY2005. This report will be updated as events warrant."
CRS Report for Congress, RL32264