New estimates say the US budget deficit is to reach 407 billion dollars this year.
That's up from 161 billion dollars in 2007. The Congressional Budget Office (CBO) in Washington said on Tuesday that the deficit will surge to nearly 3 per cent of US economic output while annual growth will average less than 1 per cent until mid-2009. This year's projected deficit did not include the just-announced government bailout of mortgage giants Fannie Mae and Freddie Mac, which could add as much as 200 billion dollars to the federal deficit.
(Deutsche Welle)
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