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:: 11.02.2004 ::
More bad news for the budget The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department announced Monday.
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The deficit for the budget year that ended on Sept. 30 hit a record $413 billion in dollar terms, up from the previous record of $377 billion set in 2003.
The government through the 2001 budget year recorded a string of four surpluses, something that had not occurred for seven decades. While President Bush took office with a projection that the 10-year surplus would hit $5.6 trillion, a recession, spending on homeland security and the war on terror and Bush's tax cuts wiped out the surpluses. Yikes. More on YahooNews.
:: Deb 10:22 AM :: permalink ::
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