US budget deficit to $367 billion

US Federal officials announced today that the government’s budget deficit is already expected to reach $368bn (’197bn) for the year.

This is worse than market expectations, and is compounded by that fact that planned tax breaks, pension reform, and increased spending for Iraq, have not yet been factored into the existing figures. When accounted for, these could increase the figure by as much as $100bn.

The budget deficit to September 2004 was the previous highest on record, reaching $412bn.

Story link: US budget deficit to $367 billion

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