U.S. Headed For Record $490B Deficit

[cal04]

Bush Administration Official Blames Slumping Economy And Stimulus Payments
http://www.cbsnews.com/stories/2008/07/28/national/main4298697.shtml

A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday 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 current record deficit of $413 billion set in 2004.

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


(snip from another article)
The actual 2009 deficit could climb still higher because the new projection does not reflect full-year funding for the wars. In addition, a worsening economy could add to the red ink by reducing tax revenue and increasing safety-net payments, such as unemployment benefits and food stamps.
http://hattiesburgamerican.com/apps/pbcs.dll/article?AID=/20080728/NEWS01/807280304


Federal Deficit Grows After Three Years of Decline

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