U.S. Budget Deficit To Fall To $260 Billion

Aug. 17, 2006
Thanks to booming tax revenues, the U.S. budget deficit is forecast to surpass administration hopes by falling to $260 billion this fiscal year, congressional experts said Aug. 17.  The Congressional Budget Office (CBO) said it now expects the deficit to ...

Thanks to booming tax revenues, the U.S. budget deficit is forecast to surpass administration hopes by falling to $260 billion this fiscal year, congressional experts said Aug. 17. The Congressional Budget Office (CBO) said it now expects the deficit to fall $58 billion from fiscal 2005 owing to "higher-than-anticipated revenues, mostly from individual and corporate income taxes".

The projection by the non-partisan office would bring the deficit down to 2% of gross domestic product, from 2.6% of GDP last year.

The figure for this year of $260 billion s is $112 billion lower than the amount estimated by the CBO when it analyzed President George W. Bush's budgetary proposals in March. Unveiling a mid-year budget review last month, Bush forecast the deficit would fall to $296 billion for the current fiscal year.

But in the 2007 fiscal year, according to the CBO, the deficit will rise again to reach $286 billion.

Copyright Agence France-Presse, 2006

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