Budget Office Predicts $368 Billion Deficit This Year

The Congressional Budget Office predicted today that the federal government would run a deficit of $368 billion this year, a figure that does not include a request that administration officials plan to unveil later today for $80 billion more in funds for the wars in Iraq and Afghanistan.
The figure also does not include the cost or savings from any of the proposals President Bush is expected to make in the budget he will submit to Congress shortly.
The deficit for the 2004 budget year was $412 billion, representing 3.6 percent of the nation's economy. The deficit projection for this year, excluding growth in military spending and other budget changes, would represent 3 percent of the American gross domestic product, the budget office said..
Last year's deficit was the largest ever in dollar terms.

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