White House: Deficit Will Hit Record &#36;427B
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The White House says its drive to halve federal deficits by 2009 remains on track, though it projects that the cost of wars in Iraq and Afghanistan will help drive this year's shortfall to a record &#36;427 billion.
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Congress' top budget analysts still expect the 2004 federal deficit to set a record, though a smaller one than they and the White House anticipated earlier in this election year.
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The deficit in the broadest measure of trade climbed to a record high of &#36;164.7 billion in the third quarter of this year, reflecting Americans' hardy demand for imported oil and foreign-made goods.
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The US budget deficit will balloon to a cumulative $2.29 trillion over the next decade, congressional analysts said on Tuesday, a worse outlook than previously
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Despite soaring deficits, the government spending plan awaiting President Bush's signature is chock-full of special items for industries and communities. Consider &#36;443,000 to develop salmon-fortified baby food, or &#36;350,000 for the Rock and Roll Hall of Fame.
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The U.S. House of Representatives on Thursday prepared to raise the nation's debt ceiling by &#36;800 billion, taking the new limit to &#36;8.184 trillion.
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The US Congressional Budget Office (CBO) projected on Tuesday that the federal deficit will hit a record high of 422 billion dollars in fiscal year of 2004 ending on September 30.
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President George W. Bush will estimate that the U.S. budget deficit for fiscal year 2007 will come in at $205 billion, a drop from last year, U.S. administration officials said on Wednesday.
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President Bush was poised to officially ask Congress Monday for an estimated &#36;82 billion to cover the costs of continuing military operations in Iraq and Afghanistan and a myriad of other internationally related expenses, including training Iraqi security forces and aiding victims of the tsunami.
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The U.S. government posted a   larger-than-expected $64.61 billion federal budget deficit in   August as outlays for the month were at a record high, a   Treasury Department report showed on Wednesday.
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The U.S. budget gap expanded to  $412.55 billion in fiscal 2004, marking the Bush  administration's second-straight record deficit, the Treasury  Department said on Thursday.
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President Bush today unveiled a tough-minded, $3 trillion budget proposal for fiscal 2009 that would slice $14.2 billion from the growth of federal health-care programs, eliminate scores of programs and virtually freeze domestic spending -- but would still record a $407 billion budget deficit.
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The White House will estimate on Wednesday that the U.S. budget deficit for fiscal year 2007 will come in at $205 billion, a drop from last year, U.S. administration officials said.
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The U.S. trade deficit hit an all-time high of &#36;60.3 billion in November as American appetites for foreign oil and even imported food reached record levels.
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WASHINGTON - Democrats are blaming President Bush for the record 2004 federal deficit of $413 billion, but Republicans say the figure shows that the economic and budget pictures are brightening.    The Treasury Department announced the figure Thursday, two weeks after the government's 2004 budget year ended and just 19 days from an Election Day in which Bush's economic and fiscal performance are pivotal issues...
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The US budget deficit is set to hit a worse-than-expected $368bn this year, excluding war costs.
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The budget deficit for the current budget year will jump to about $250 billion, the Congressional Budget Office estimated Wednesday, citing the weakening economy