$401B Federal Budget Deficit Projected

Aug 8, 6:27 PM EDT

By ALAN FRAM
Associated Press Writer

WASHINGTON (AP) -- 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.

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When you add the 150 billlion stolen from the trust funds, the deficit is really going to be near 600 billion!

By the way, did anyone restart that National Debt Clock back up?

here's a link to the online one:

http://www.brillig.com/debt_clock/

And here is another very, very important clock:

http://bushclock.lose.com/

"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."

This was discussed on CNBC this morning. Wall Street thinks Bush high balled this year's deficit estimate and low balled next year's estimate. The White House estimates that next year's deficit will be $475 billion. Wall Street thinks it will be higher, possibly over $600 billion.

for the Iraq bill to come.

Here ya go.

http://www.costofwar.com/