The Congressional Budget Office has released its preliminary analysis of the President’s 2008 budget request

[T]he Congressional Budget Office, with contributions from the Joint Committee on Taxation, has analyzed the President’s budget submission for fiscal year 2008. This letter and the attached tables summarize the results of CBO’s work. A report that presents the full analysis, including CBO’s assessment of the macroeconomic effects of the President’s proposals, will be published on March 16.