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White House projects lower deficit
WASHINGTON The federal budget picture will look slightly better next week. Relatively speaking.
The White House plans to announce the federal deficit will still be a record breaker, at $1.58 trillion, for the current 2009 fiscal year. But the amount is about $262 billion less than officials predicted earlier this year.
That's mostly because the administration erased a $250 billion contingency fund it had penciled into the budget in case Wall Street needed more government help in getting out of the financial crisis.
While the numbers still represent a tremendous amount of red ink, they would give the administration the opportunity to say its policies have prevented a more extreme financial crisis and eliminated the need for further bank infusions.
Nonetheless, the deficit amount is a huge obstacle for an administration trying to undertake massive policy overhauls in health care and the environment. And the true impact of deficits lies in the coming years.
By JIM KUHNHENN and PHILIP ELLIOTT, Associated Press
WASHINGTON The federal budget picture will look slightly better next week. Relatively speaking.
The White House plans to announce the federal deficit will still be a record breaker, at $1.58 trillion, for the current 2009 fiscal year. But the amount is about $262 billion less than officials predicted earlier this year.
That's mostly because the administration erased a $250 billion contingency fund it had penciled into the budget in case Wall Street needed more government help in getting out of the financial crisis.
While the numbers still represent a tremendous amount of red ink, they would give the administration the opportunity to say its policies have prevented a more extreme financial crisis and eliminated the need for further bank infusions.
Nonetheless, the deficit amount is a huge obstacle for an administration trying to undertake massive policy overhauls in health care and the environment. And the true impact of deficits lies in the coming years.
By JIM KUHNHENN and PHILIP ELLIOTT, Associated Press
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