Deficit increases to $374.2 billion

Manufacturing News, Source : TheManufacturer.com
Published : 22 Oct 2003 15:25

The Office of Management and Budget reported this week that the U.S. budget deficit reached a record $374.2 billion in fiscal year 2003.

The figure was lower than the Bush administration’s July projection of $455 billion, which Office of Management and Budget head Joshua Bolten said in an statement was an “encouraging sign that the economic recovery is gaining momentum.” However, he warned that the 2004 deficit “will likely exceed $500 billion.”

The 2003 deficit figure is more than double the 2002 deficit figure of $180 billion, and is the largest in U.S. history. The previous record was $290 billion in 1992, during the administration of President George H. W. Bush.

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