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Politics : Formerly About Advanced Micro Devices

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To: Joe NYC who wrote (200595)	9/7/2004 1:10:44 PM
From: tejek	of 1576348

US Congress projects record high of budget deficit this year WASHINGTON, Sept. 7 (Xinhuanet) -- The US Congressional Budget Office (CBO) projected on Tuesday that the federal deficit will hit a record high of 422 billion dollars in fiscal year of 2004 ending on September 30. However, the deficit is smaller than the forecast of 445 billion dollars published in late July by the White House. The deficit amounts to about 3.6 percent of the US gross domestic product (GDP), also smaller than the deficits of the mid-1980s andearly 1990s relative to the size of the economy. The CBO report said US federal deficit would shrink to 348 billion dollars, or 2.8 percent of GDP, in next fiscal year, which would be the third largest ever in dollar terms. Over the 10 years ending in 2014, the CBO now envisions deficits totaling nearly 2.3 trillion dollars, almost 300-billion-dollar more than they projected in last March. The increase is largely due to an assumption that extra US military spending enacted this year for Iraq, Afghanistan and overall defense needs will be continued annually over the next decade. Enditem news.xinhuanet.com

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