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Congressional Agency Says Deficit Could Be $438 Billion Next Year

WASHINGTON -- The sluggish economy and continued high expenses for the wars in Iraq and Afghanistan could push the deficit to $438 billion next year, the Congressional Budget Office said today.

By Claude R. Marx | Updated on September 09, 2008

WASHINGTON — The sluggish economy and continued high expenses for the wars in Iraq and Afghanistan could push the deficit to $438 billion next year, the Congressional Budget Office said today.

The CBO predicted that for the fiscal year ending Sept. 30, the deficit will be $407 billion. At the end of the last fiscal year, the deficit was $161 billion. Next year’s projections do not include costs associated with injecting additional capital into mortgage buyers Fannie Mae and Freddie Mac.

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