Obama budget deficit could hit 1.845 trln dlrs
50 minutes ago
WASHINGTON (AFP) — The US budget deficit could hit 1.845 trillion dollars this year under the budget proposed by President Barack Obama, quadrupling the 2008 record shortfall, a new forecast showed.
The Congressional Budget Office, a non-partisan agency of Congress, said its latest budget deficit estimate for fiscal 2009, which ends on September 30, would amount to 13.1 percent of the country's entire economic output.
Since its early January estimate of a 1.2-trillion-dollar gap, the CBO said, the enactment of stimulus legislation such as the 787-billion-dollar stimulus plan and other measures to revive the economy, and other factors had added more than 400 billion dollars to deficit projections for 2009 and 2010.
The new projections were based on a sweeping 3.55-trillion-dollar multi-year budget proposed by President Barack Obama's administration to Congress in February.
Obama has acknowledged the size of his budget's 1.752-billion-dollar deficit in 2009 would require "some hard choices" on spending priorities.
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