Politics

Record Budget Deficit of $480 Billion Predicted

WASHINGTON -- The Congressional Budget Office on Tuesday forecast a federal budget deficit of $480 billion in 2004, a record shortfall that could pose problems for President Bush as he seeks re-election. In its bi-annual budget outlook, details of which were obtained by Reuters from congressional sources, the nonpartisan agency also confirmed an earlier prediction of a $401 billion deficit in 2003 and forecast a cumulative budget deficit of $1.4 trillion over the next decade. Posted by Editor at August 26, 2003 09:45 AM