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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: US budget deficit seen at record 1.845 trillion dlrs AFP - Saturday, March 21 WASHINGTON (AFP) - - The US budget deficit could swell to 1.845 trillion dollars in fiscal 2009, quadrupling last year's record shortfall, the budget arm of Congress forecast Friday. ADVERTISEMENT The Congressional Budget Office's (CBO) latest estimate was far steeper than its January forecast of a 1.2-trillion-dollar budget deficit and would amount to 13.1 percent of the country's entire economic output. "The shortfall in the nation's output relative to its potential is comparable with what occurred during the recession of 1981 and 1982 and will persist for significantly longer -- making the current recession the most severe since World War II," the CBO said. The new projections were based on the budget proposed by President Barack Obama's administration to Congress in February. The White House said the new forecasts would not Obama's trim objectives or thwart his plan to halve the shortfall by 2013. "None of the numbers today changed the president's either objectives or his ability to achieve that deficit reduction," White House spokesman Robert Gibbs said. The red ink would dwarf the record 2008 fiscal budget deficit of 459 billion dollars, or 3.2 percent of gross domestic product. The CBO estimated that for the current fiscal year, which began last October 1, spending would soar 34 percent from the past year, to 4.004 trillion dollars, and revenues would plunge 15 percent, to 2.159 billion. The deficit would remain high in the 2010 fiscal year, at 1.379 billion dollars, before falling below the trillion-dollar mark in 2011, to 970 billion dollars. Since the January estimate, the CBO said, the enactment of stimulus legislation such as the 787-billion-dollar stimulus plan and other measures, "a worsening of the economic outlook," and other factors had swollen its deficit projections by more than 400 billion dollars in both 2009 and 2010. The CBO warned that its current forecast, particularly for the near term, was subject to an unusual degree of uncertainty. "The possibility that financial markets might not stabilize represents a major source of downside risk to the forecast," it said. Excluding Obama's budget plan and if current policies remained the same, it said, the deficit would total almost 1.7 trillion dollars, or 11.9 percent of gross domestic product this year and 1.1 trillion, or 7.9 percent of GDP next year, "the largest deficits as a share of GDP since 1945." In its preliminary analysis of Obama's budget and an update of its budget and economic outlook, the CBO projections on key economic indicators were less optimistic than those underpinning the Obama budget. The CBO forecast GDP will contract at an annual rate of 3.0 percent in calendar year 2009 before rebounding to 2.9 percent growth in 2010 and 4.0 percent growth in 2011. Obama's budget is based on a much smaller 1.2 percent contraction this year, and growth of 3.2 percent and 4.0 percent in the two subsequent years, respectively. Unemployment is expected to average 8.8 percent this year, according to the CBO, and accelerate to 9.0 percent 2010 before easing to 7.7 percent the following year. That compares with the White House unemployment forecasts of 8.1 percent, 7.9 percent and 7.1 percent, respectively. White House budget boss Peter Orszag downplayed the forecast discrepancies as a normal part of the budget evaluation process with Congress. "No one had ever had an expectation that they would just take our budget," he said. "We remain confident that the four key principles that the president has put forward for the budget, and in particular that we must invest in healthcare, that we must invest in education, that we must invest in clean energy, and that we must cut the deficit in half under his first term, will all be accomplished." The CBO is an independent body of Congress charged with providing lawmakers with economic analysis to aid in budgeting. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Astronauts gear up for second spacewalkAP - 33 minutes ago Ex-volunteer firefighter charged in fatal NY fireAP - 55 minutes ago Post Service offering early out, cutting managersAP - 1 hour 40 minutes ago Surprising marriage ends in bizarre Ohio killingAP - 1 hour 49 minutes ago Connecticut biologist voiced concerns about chimpAP - 1 hour 50 minutes ago Enlarge Photo The US budget deficit could swell to 1.845 trillion dollars in fiscal 2009, quadrupling last year's record shortfall, the budget arm of Congress forecast. Most Popular – World Viewed Actress Natasha Richardson dies after ski accident Arrest warrant issued for Lindsay Lohan Global warming leaving its mark on polar bears US bailout auditor launches probe into AIG bonuses Injured actress Richardson flown to US: hospital View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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