The next US president is expected to face a record federal budget deficit of almost half a trillion dollars. The White House has lifted its deficit forecast for 2009 to $482bn (£242bn) up from $407bn. The budget deficit measures how much more the government is spending than it is raising through taxes. The slowing economy is reducing the tax take and the government has launched a stimulus plan by making payments to 130 million households to boost spending. The forecast figure excludes about $80bn of war costs. The budget deficit is measured from the beginning of October to the end of September.
The next US president is expected to face a record federal budget deficit of almost half a trillion dollars.
The White House has lifted its deficit forecast for 2009 to $482bn (£242bn) up from $407bn.
The budget deficit measures how much more the government is spending than it is raising through taxes.
The slowing economy is reducing the tax take and the government has launched a stimulus plan by making payments to 130 million households to boost spending.
The forecast figure excludes about $80bn of war costs.
The budget deficit is measured from the beginning of October to the end of September.
First, this is the Unified Budget deficit. By these projections, the General Fund deficit (the President's responsibility) will be around $600 billion this year, and $700 billion next year.
Second, these projections are probably optimistic. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
One caveat: the war(s) costs must be included and must include the increasing cost of fuel for the US military (the world's number one (ab)user as well as any cute black funds that we learn about (such as the 50 million approved for special ops against Iran.
...not that I want to mitigate any of the special terrors of the Reagan administration. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
