the big black hole

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    9:13am 08/26/03
    CBO sees $480 billion U.S. deficit in fiscal 2004 By William L. Watts
    WASHINGTON (CBS.MW) -- The nonpartisan Congressional Budget Office's summer budget update projects the federal budget will post a deficit of $480 billion in fiscal 2004, which begins Oct. 1, after posting a $401 billion shortfall in the current fiscal year. Citing an ongoing decline in revenues and a large increase in spending, the CBO said the deficit will more than double this year as a percentage of GDP, rising from 1.5 percent in fiscal 2002 to 3.7 percent in 2003. Over the next decade, the CBO expects cumulative deficits of $1.397 trillion. The official forecast, however, assumes that recent tax cuts scheduled to expire in coming years won't be extended. If those cuts are made permanent and a $400 billion Medicare prescription drug proposal is enacted, the cumulative 10-year deficit would rise to $3.7 trillion.


 
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