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WH Projects Budget Deficit to Hit $482 billion

WASHINGTON -- Decreased revenues because of a slowing economy, coupled with increased payments from the stimulus payments to taxpayers and the cost of the Iraq war, will result in a record federal deficit of $482 billlion, the Bush administration said today.

By Claude R. Marx | Updated on July 28, 2008

WASHINGTON — Decreased revenues because of a slowing economy, coupled with increased payments from the stimulus payments to taxpayers and the cost of the Iraq war, will result in a record federal deficit of $482 billlion, the Bush administration said today.

The projections, which relate to the fiscal year that starts Oct. 1, are higher than the $407 billion that administration officials projected earlier this year. This year’s deficit is projected to be $390 billion.

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