U.S. Deficit Goes Over $400 Billion
With one month left in the fiscal year, the U.S. budget deficit moved further into record territory, passing the $400-billion mark for the first time, the Treasury Department said Wednesday.
A shortfall of $76.48 billion last month pushed the fiscal 2003 budget gap to $400.46 billion, a Treasury report said. The fiscal year ends Sept. 30.
August’s shortfall compared to a budget gap of $54.71 billion in August last year and was below the $79-billion shortfall expected on Wall Street.
The nonpartisan Congressional Budget Office has said it expected the fiscal year to end with a deficit of $401 billion. The White House has forecast a $455-billion deficit.
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