US Federal Deficit Exceeding 300 Billion Dollars

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Last updated at: (Beijing Time) Tuesday, May 13, 2003

US Federal Deficit Exceeding 300 Billion Dollars

The federal deficit in the United States will exceed 300 billion dollars, the largest in the US history, a new estimate by the US Congressional Budget Office (CBO) said Monday.

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The federal deficit in the United States will exceed 300 billion dollars, the largest in the US history, a new estimate by the US Congressional Budget Office (CBO) said Monday.

The report showed that the US federal deficit has reached an estimated 202 billion dollars for the first seven months of the current fiscal year which began on Oct. 1 of last year.

"CBO now expects that the government will end 2003 with a deficit of over 300 billion dollars," the report said.

The latest estimate was released when the US Senate is debatingthis week the new tax-cut package pushed by President George W. Bush. The US president announced his tax-cut plan earlier this year totaling 726 billion dollars in coming 10 years.

However, the US Senate had reduced the number by an half to 350billion dollars. The House of representatives approved last week its version of the tax-cut plan totalling 550 billion dollars.

President Bush predicted last February that US federal deficit of fiscal year of 2003 would be 304 billion dollars. Some analystssaid that the deficit could be much higher if the cost of the war against Iraq is included.

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