April 10, 2008
The federal governement Sets Another New Record
The federal deficit through the first half of this budget year is at an all-time high, underscoring the pressure the budget is coming under as the overall economy slumps.And, affirming their dimness, the bush administration couldn't even get it close to right a little over a month ago:The Treasury Department reported Thursday that the deficit through the first six months of the budget year totaled $311.4 billion, up 20.5 percent from the same period a year ago. That was the largest deficit for the first half of a budget year on record, surpassing the old six-month mark of $302 billion set in 2006.
The Bush administration, when it sent its budget proposal to Congress in February, estimated that the deficit for the whole year will total $410 billion, putting it very close to the all-time high in dollar terms of $413 billion.
But, accuracy has never been a strong point of the administration's public face.
Posted by Steve on April 10, 2008