You are hereArchive - Jul 29, 2008

Archive - Jul 29, 2008

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Deficit zooming to new record of half trillion for fiscal year 2009 - Impact of Iraq War

The US Government's budget deficit is tipped to soar to a record of nearly half a trillion dollars in fiscal 2009

(quote)

WASHINGTON - The White House predicted yesterday that President Bush would leave a record $482 billion deficit to his successor, a sobering turnabout in the nation's fiscal condition from 2001, when Bush took office after three consecutive years of budget surpluses.

The worst may be 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 possibility of steeper losses in tax revenues if individual income or corporate profits decline.

The new deficit numbers also do not account for any drains on the national treasury that might result from further declines in the housing market. The White House forecast was prepared before passage of the huge housing assistance package that Bush has promised to sign. That legislation would put taxpayer money at risk in numerous ways, especially if housing prices continue to decline.

Costly wars in Iraq and Afghanistan have<br />
sapped the US budget read more »

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