Deficit to hit $2.3 trillion CBO 10-year forecast widens; near-term foreca

[UpInArms]

http://money.cnn.com/2004/09/07/news/economy/cbo_deficit/

NEW YORK (CNN/Money) - In a report released Tuesday, the Congressional Budget Office (CBO) revised its projection for the country's budgetary shortfalls, lowering its previous forecast for fiscal years 2004 and 2005 but raising its estimates for cumulative 10-year deficits by $281 billion.

Under current laws and policies, the projected 10-year deficit is expected to total $2.28 trillion, or 1.5 percent of the estimated 10-year combined gross domestic product (GDP), up from a March projection of $2 trillion.

CBO Director Douglas Holtz-Eaking said in a press conference Tuesday morning that the upward revision is due mainly to military expenditures for Iraq and Afghanistan that were not included in the March analysis.

...more...