White House estimates record 2009 deficit of $490 billion

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The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office, a report due out Monday shows.

The projected deficit for the fiscal year that begins Oct. 1 is being driven higher by the continuing economic slowdown and larger-than-anticipated costs of the two-year, $168 billion fiscal stimulus package passed by Congress, said two senior administration officials with direct knowledge of the report. In February, President Bush predicted the 2009 deficit would be $407 billion.

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The actual 2009 deficit could climb still higher because the new projection does not reflect full funding for the wars.

http://www.usatoday.com/money/economy/2008...7-deficit_N.htm

[almaty 19]

the GOP fiscal conservatives in action

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the GOP fiscal conservatives in action

[joelunchbox 0]

In reality, it is closer to 1 trillion dollars (890 billion or so). This administration hasn't and won't shoot straight about anything. This group is the most egotistical, prideful bunch of boneheads ever.

Oh, and we elected them....