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US Budget deficit blows out to $US300b

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    730 Posts.

    http://abc.net.au/news/justin/nat/newsnat-13jul2002-37.htm


    US Budget deficit blows out to $US300b

    The White House has announced a blowout in the US Federal Budget deficit.

    The increase is blamed on the war on terrorism and the slowing economy.

    The White House is projecting a Federal Budget deficit of almost $US300 billion in the current fiscal year, a blowout of almost $US100 billion but the numbers also predict the numbers will shrink next year.

    The news is likely to reignite debate about why the Government is in the red after the Clinton administration left in 2000 in surplus.

    The Bush White House is blaming the slowing economy, the cost of September 11 and the resulting war against terrorism for the increase in expenditure.

    A tax cut, one of the President's campaign promises has also eroded the surplus.


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