Monday, July 28, 2008
Bush administration: 2009 deficit will approach $490 billion, record driven by economy sag
The next president will inherit a record budget deficit approaching $490 billion, according to a new Bush administration estimate. The official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.