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Record Deficit of $482 Billion Forecast

NYTimes.com

The White House predicted on Monday that the Bush administration would bequeath a record deficit of $482 billion to the next president — a sobering turnabout in the nation’s fiscal condition from 2001 when President Bush took office and inherited three consecutive years of budget surpluses.

By most accounts, the worst seems yet to come. The deficit announced by Jim Nussle, the White House budget director, does not reflect the full cost of military operations in Iraq and Afghanistan, the potential $50 billion cost of another economic stimulus package or the prospect of steeper losses in tax revenue or further declines in the housing market.

(emphasis mine)

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