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Budget Deficit Exceeds Earlier Estimate
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The US budget deficit is expected to reach $400bn (pound;205bn) this year, according to estimates from the Congressional Budget Office. The figure for the twelve months to September 30 is larger than a previous estimate by the White House of $389bn. Factors behind the deficit increase include the cost of the war in Iraq and problems in the housing market that prompted a wider economic slowdown. The largest US deficit to date was $412.7bn, reached in 2004. (BBC News [1], Thursday)
We owe it to ourselves.
FEE Timely Classic
Government Spending Must Be Cut [2] by Hans F. Sennholz
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URL to article: http://www.fee.org/articles/in-brief/budget-deficit-exceeds-earlier-estimate/
URLs in this post:
[1] BBC News: http://news.bbc.co.uk/2/hi/business/7547192.stm
[2] Government Spending Must Be Cut: http://www.fee.org/publications/the-freeman/article.asp?aid=6061
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