Reply #16: Bush official: 2008 deficit will set a record

[cal04]

Source: Associated Press

Deficit approaching $490 billion amid sagging economy, stimulus
A senior administration official said Monday the federal budget deficit for this year will set a record high approaching $490 billion.

The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.

The administration official spoke on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later Monday.

Read more: http://www.msnbc.msn.com/id/25884806/

---

more here
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/28/AR2008072800953.html?hpid=topnews