a balanced budget, how long would it take to climb out of that hole?
A funny side note is that on the page with the article, they have
related adverts for temp jobs.
http://tinyurl.com/52xer
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Budget gap grows to $445B
Shortfall for 2004 far above 2003 but falls below estimates; White
House says growth, employment up.
July 30, 2004: 12:53 PM EDT
WASHINGTON (Reuters) - The White House said Friday the federal budget
deficit will grow to $445 billion this fiscal year, a new record
likely to fuel election-year fights about President Bush's economic
policies.
The figure, released in the White House's mid-session budget review,
is well above the 2003 shortfall of $374 billion, which set the
previous record in dollar terms. But it is $76 billion below the $521
billion forecast for this year by the White House in February.
The White House also said U.S. growth will be even stronger this year
than previously forecast and the unemployment rate lower.
It forecast real gross domestic product growth of 4.7 percent this
year, on a year-over-year basis, slowing to 3.7 percent in 2005. The
White House in February expected 2004 growth of 4.4 percent and 3.6
percent next year.
On unemployment, the White House now expects an average rate of 5.5
percent in 2004, trimmed from a 5.6 percent estimate before, and it
saw this rate declining to 5.3 percent next year. It also lifted the
assessment of consumer inflation to 2.5 percent this year and 2.3
percent in 2005, compared with 1.4 percent and 1.5 percent previously
forecast. Top of page
--
-Kevin
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