FY2003 Deficit Likely to Top $350 Billion

The Congressional Budget Office (CBO) released its Monthly Budget Review last Friday. April revenues were lowest they have been since 1995, and the deficit for the first seven months of fiscal year 2003 was $202 billion. Including the defense supplemental appropriation and a tax cut roughly the size of the Senate Finance Committee package, the total deficit for 2003 is likely to exceed $350 billion, or about 3.3 percent of GDP. Deficits over $300 billion are likely to persist indefinitely. (For details and deficit graphic, see Centrists.Org No-BS Budget Baseline, 5/10/2003)

Links:
Centrists.Org April Revenues Weak: FY2003 Deficit Likely to Top $350 Billion (May 10, 2003)
Congressional Budget Office Monthly Budget Review (April 9, 2003)
Joint Committee on Taxation Estimate of Senate Finance Committee Tax Cut Package (as scheduled for mark-up on May 8, 2003)
Joint Committee on Taxation Estimate of House Tax Cut Package (May 5, 2003)
Centrists.Org Centrists.Org No-BS Budget Baseline (May 10, 2003)
Washington Post GOP Eyes Tax Cuts as Annual Events (May 11, 2003)

Posted by Jeff Lemieux at May 11, 2003 10:01 AM