iFocusNews.com
05-06-2005, 04:10 PM
CBO now projects a budget deficit of $422 billion for fiscal year 2004, about $56 billion less than CBO projected in March. Nearly all of that change results from higher-than-anticipated revenues. In dollar terms, a deficit of $422 billion would be the largest in U.S. history; however, at 3.6 percent of gross domestic product, it would be well below the peak levels of the 1980s relative to the size of the economy. (CBO will issue its revised 10-year projections on September 7.) In the first 10 months of this fiscal year, the federal government ran a deficit of about $392 billion, CBO estimates, $68 billion more than in the same period last year.
OBVIOUSLY a $422 billion deficit is nothing to feel good about, but at least it's not as bad as projected.
OBVIOUSLY a $422 billion deficit is nothing to feel good about, but at least it's not as bad as projected.