The Bush Administration released its proposed 2006 budget this week and noticeably absent from the funding list is the Triangle’s $700 million light rail project. Despite the blow, Triangle Transit Authority officials say it’s only a bump in the road. John Hood told Durham’s Herald-Sun that not completing the project would also save state and local dollars. “There is a more important message in the president’s budget today with regard to TTA than the presence or absence of a line item,” Hood said. “The message is the president intends to constrain domestic spending. The message is, ‘Don’t hold your breath.’”