Federal Budget Deficit to Reach $490B in 2009
Two Bush administration officials said today that the federal budget deficit will approach $490 billion in fiscal 2009, confirming the negative impact of the economic slowdown on the nation's finances.
The projected deficit for the fiscal year that begins Oct. 1 is far higher than the $407 billion forecast by President George W. Bush in February. The official also confirmed a report in USA Today that the deficit this year will be less than the $410 billion estimated in February.
The bigger shortfall for fiscal 2009 may reflect dwindling tax receipts because of the U.S. economic slowdown, the cost of payments distributed under the $168 billion economic stimulus package and the cost of the wars in Iraq and Afghanistan.
Published on July 28, 2008
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