CBO Projects a Lower Record Federal Deficit
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This year’s federal deficit will probably hit $401 billion, the nonpartisan Congressional Budget Office projected as data continued to indicate that the red ink would reach its highest level ever.
The number is $54 billion less than the shortfall that President Bush’s budget office predicted last month. The congressional analysts said most of the difference -- $40 billion -- was because they expect lower spending than the White House calculated.
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