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.
CBO's projections differ from those made by the Office of Management and Budget, which in July projected a $389 billion deficit for this year and a $482 billion deficit for next year.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
