Projected Budget Deficit

From the Washington Post: "The federal budget deficit will grow to a record $482 billion in the fiscal year that begins in October, the White House said yesterday, driven by war costs, tax rebates, and a slowing economy that will leave the next president little room to fulfill costly campaign promises."

The transcript of the press briefing describing the deficit projection has been posted on the White House website. The Mid-Session Review, which talks about the projected budget deficit and other economic indicators in greater depth, is available on the Office of Management and Budget (OMB) website. The Council of Economic Advisers website has additional information on the budget.

Source: Weisman, J. (29 July 2008). "Record $482 Billion '09 Deficit Forecast: Next President's Options May Be Limited." Washington Post. A04.