White House Nearly Doubles Earlier Budget Deficit Forecasts
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. >>>