- Sep 16, 2000
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Whew, and I thought it would be some huge amount!!!
CBO Projects $401 Billion Deficit for the Year
CBO Projects $401 Billion Deficit for the Year
WASHINGTON - This year's federal deficit will probably hit $401 billion, the nonpartisan Congressional Budget Office projected Friday as new data continued to indicate that the red ink would surge to its highest level ever.
The number is $54 billion less than the shortfall that President Bush's budget office predicted last month. The congressional analysts said most of the difference ? $40 billion ? was because they expect lower spending than the White House calculated for defense and other programs.
The CBO projection, if borne out at year's end, raises the possibility that the administration could claim credit for making some progress with a deficit smaller than it projected.
Even so, the CBO estimate underscored that Democrats are likely to continue using the deficit as a political issue against Bush and congressional Republicans.
They say it exemplifies Bush's mismanagement of the budget and the economy, while Republicans blame the shortfall on the weak economy and the costs of war and terrorism.