Budget Office: 2005 Deficit $368 Billion
Tue Jan 25, 2005 09:26 AM ET
WASHINGTON (Reuters) - The U.S. budget deficit will reach $368 billion this year, the Congressional Budget Office said in new forecasts on Tuesday, a source familiar with the numbers said.
The number is worse than the CBO's previous $348 billion forecast for the 2005 fiscal year that began on Oct. 1. Due to a technical quirk, the latest number does not include billions of dollars in expected war costs and analysts said these must be added in to get a true picture of the red ink.