“Weak revenue growth and accelerated spending — including an economic stimulus package that returned billions to taxpayers — will drive the federal deficit to $407 billion in the fiscal year that ends this month, more than double last year’s $161 billion, congressional budget analysts reported today. With the economy expected to remain sluggish for at least the next several months, the next president will take office facing a projected deficit of $438 billion, budget analysts predict — the largest in dollar terms in American history, exceeding the previous record of $413 billion in 2004. And that number could easily climb above $500 billion if Congress acts, as expected, in the coming months to restrain the growth of the alternative minimum tax, budget analysts said.” [Link]
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