Bush administration projects record 2009 deficit

Posted on July 29, 2008 

Bush administration projects record 2009 deficit

The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate.

A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.

Government officials confirmed the $482 billion figure Monday on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later in the day.

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