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09-04-2007, 09:41 AM
According to the Congressional Budget Office (CBO), the U.S. budget deficit will fall this year to $158 billion from $248 billion last year. The CBO calculates that the decline is due to rising health care costs and more demands on federal programs from aging baby boomers. The latest deficit projection for fiscal 2007 is lower than the CBO's $177 billion forecast of last March, and well below the White House's $205 billion deficit estimate of July 11.
For fiscal 2008, which starts on October 1, the CBO forecasts a $155 billion deficit, but warned that the recent troubles in the home mortgage market and turbulence in financial markets generally could impair U.S. economic growth next year, although the most likely scenario is for the economy to remain sound.
For more information:
http://www.washingtonpost.com/wp-dyn...082300900.html
For fiscal 2008, which starts on October 1, the CBO forecasts a $155 billion deficit, but warned that the recent troubles in the home mortgage market and turbulence in financial markets generally could impair U.S. economic growth next year, although the most likely scenario is for the economy to remain sound.
For more information:
http://www.washingtonpost.com/wp-dyn...082300900.html