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Monday, July 28, 2008

Budget Deficit

The Bush administration on Monday cut its budget deficit forecast for the current year but expanded it to a record $482 billion for 2009 as the weakening U.S. economy slows revenues and spending remains high.

The White House said the budget shortfall for fiscal 2008, which ends September 30, will likely come in at around $389 billion, below its $410 billion estimate released in February, because receipts were holding up better than expected.

Backtrack to 2003:

(AP) President Bush's goal of cutting in half a projected $500 billion federal deficit within five years is being dismissed as too timid by conservatives, unachievable by analysts and laughable by Democrats. Mr. Bush will include the objective in the $2.3 trillion budget for 2005 he sends Congress in February, nine months away from the presidential and congressional elections. The goal is backed by many Republicans, but conservatives want a bolder move against the record deficits and big spending increases the administration has run up...

Other Sources: Reuters, CBO