Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Man Tries to Order Priciest Starbucks Drink Ever Total cost: $23.60 »

Federal Budget Deficit More Than Doubles, to $407B

Stimulus package contributed; figure is expected to break record in fiscal '09

By Wesley Oliver,  Newser Staff

Posted Sep 9, 2008 4:27 PM CDT

(Newser) – The federal deficit will swell to $407 billion in the fiscal year that ends this month, the Washington Post reports, a figure more than twice last year’s total. Congressional budget analysts blamed the surge on weak revenue growth and accelerated spending, including the $168 billion economic stimulus package. They also said the next president could face a $438 billion deficit.

Today’s news sparked partisan bickering: One Democrat called it “another reminder of the dismal economy and budget Republicans are leaving others to sort out.” The White House accused Dems of trying to inject billions in “extra spending” to appropriations bills. Congress’ budget director noted that Washington’s takeover of Fannie Mae and Freddie Mac won’t significantly affect the figure.

The federal deficit will climb to $407 billion in the fiscal year that ends this month, more than double last year's $161 billion, congressional budget analysts reported today.
The federal deficit will climb to $407 billion in the fiscal year that ends this month, more than double last year's $161 billion, congressional budget analysts reported today.   (Index Stock)
Congressional Republicans take part in a news conference on Capitol Hill in Washington to discuss the federal deficit.
Congressional Republicans take part in a news conference on Capitol Hill in Washington to discuss the federal deficit.   (AP Photo/Susan Walsh)
Analysts expect the economic downturn to continue for the next several months.
Analysts expect the economic downturn to continue for the next several months.   (Index Stock)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Obama Calls White House Debt Talks

No. of Reps Who Donated to National Debt in 2010: 3

House Dems Debut $825B Stimulus Bill

How Much Did Obama Really Add to Deficit?

Second Stimulus, Additional Debt Release Coming


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne