Costs for Iraq War Approach Record - U.S. official

WASHINGTON, DC- U.S. costs for the Iraq war are likely to exceed $110 billion this year, approaching the record reached in the fiscal year that just ended, White House budget director Rob Portman told reporters on Tuesday.

Portman also predicted that strong revenue growth would help bring down the overall U.S. budget deficit, offsetting some of the war costs.

Asked if he thought the deficit for fiscal year 2007 would come in below the forecast of $339 billion the White House gave a few months ago, Portman replied, "Yes, I do."