Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

French Riviera's raging fires

Read more

THE DEBATE

Poland Judicial Reforms: EU keeping door open to sanctions on Warsaw

Read more

THE INTERVIEW

Libyan PM: 'We need UN's support to hold vote'

Read more

MIDDLE EAST MATTERS

Dubai: Taking a dip into the Emirate's underwater world

Read more

ENCORE!

Film show: 'Valerian', 'A Violent Life' and 'Belle de Jour'

Read more

FOCUS

The limits of affirmative action in Brazil

Read more

EYE ON AFRICA

Rival Libyan leaders back ceasefire, elections

Read more

IN THE PAPERS

Western men 'less fertile' due to modern living, scientists warn

Read more

IN THE PAPERS

A 'crazy gamble': Luc Besson's €197m blockbuster 'Valerian' hits French cinemas

Read more

Business

New US deficit forecast breaks record

Latest update : 2009-03-20

The latest forecast for this year's US budget deficit reaches a record 1.845 trillion dollars. Previously, authorities estimated the deficit at 1.2 trillion. This projection may make it more difficult for Obama's budget to be approved in Congress.

AFP - The US budget deficit will reach a record 1.845 trillion dollars in fiscal 2009 that ends in September, equivalent to 13.1 percent of economic output, the budget arm of Congress forecast Friday.
  
The Congressional Budget Office's (CBO) latest estimate was far steeper than its prior forecast in January of a deficit of 1.2 trillion dollars.
  
The new projections were based on the budget plan presented by President Barack Obama's administration to Congress in February.
  
The budget deficit for the 2008 fiscal year was a record 459 billion dollars, or 3.2 percent of gross domestic product.
  
The CBO estimated that for the current fiscal year, which began last October 1, spending would soar 34 percent from the past year, to 4.004 trillion dollars, and revenues would plunge 15 percent, to 2.159 billion.
  
The deficit would remain high in the 2010 fiscal year, at 1.379 billion dollars, before falling below the trillion-dollar mark in 2011, to 970 billion dollars.
  
The CBO is an independent body of Congress charged with providing lawmakers with economic analysis to aid in budgeting.

Date created : 2009-03-20

COMMENT(S)