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The U.S. budget deficit will hit a record $445 billion this year, according to a White House report on Friday that is sure to fuel election-year wrangles about President Bush's economic policies. … The figure is well above the 2003 shortfall of $374 billion, the prior record in dollar terms. But the mid-session review forecast is $76 billion less than the $521 billion the White House projected in February. story.news.yahoo.com.../nm/20040730/bs_nm/bush_budget_dc" target="_blank" class="postlink" rel="nofollow">Source
The announcement by the Bush administration [in February] that it plans a budget deficit of $521 billion for the 2004 fiscal year—a record in dollar terms—is certain to bring further warnings of the dangers to the world financial system posed by the escalating US debt. Last month the International Monetary Fund published a report stating that there were “significant risks” for the American economy and the rest of the world from growing US budget deficits. Significantly its warnings were echoed in a paper co-authored by former US Treasury Secretary Robert Rubin which was presented to a meeting of the American Economic Association in early January. www.wsws.org..." target="_blank" class="postlink" rel="nofollow">Source