Deficit Spending Anyone?

This just in from the Wall Street Journal News Alert service.

The White House unveiled its budget proposal for fiscal 2007, which starts in October, calling for $2.77 trillion in spending. Though the U.S. government will remain deeply in the red next year, the federal budget deficit should dip to $354 billion, a decline from the current year’s projected record $423 billion shortfall.

Only negative $354 billion this year?  Respectfully Mr. President – you’re a Republican.  Can’t you figure out how to run up a bigger deficit than that?  Gotta go – five more minutes left to pack.