Wonderland Wire

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White House Nearly Doubles Earlier Budget Deficit Forecasts

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11 May 09 | Reuters

The White House on Monday raised its forecast for this year’s U.S. budget deficit by $89 billion due to the recession, millions of new unemployment claims and corporate bailouts.

The new estimate predicted a deficit of $1.84 trillion, or 12.9 percent of gross domestic product, for the fiscal year ending September 30. It updated the White House’s February forecast of a $1.75 trillion deficit, or 12.3 percent of GDP. >>>

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Written by Editors

11 May 2009 at 6:23 pm

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