From today's San Francisco Chronicle, "Federal deficit to hit record this year - dramatic increase in White House's estimate of shortfall":

The White House Office of Management and Budget projected that this year's deficit would reach $455 billion, $151 billion more than previously estimated. In 2004, the White House said, the budget gap will rise to $475 billion, $168 billion more than expected, before starting to shrink again as the pace of economic growth picks up.

Makes you wonder what else he's underestimating.