The US budget deficit is expected to reach $400bn (pound;205bn) this year, according to estimates from the Congressional Budget Office. The figure for the twelve months to September 30 is larger than a previous estimate by the White House of $389bn. Factors behind the deficit increase include the cost of the war in Iraq and problems in the housing market that prompted a wider economic slowdown. The largest US deficit to date was $412.7bn, reached in 2004. (BBC News, Thursday)
We owe it to ourselves.
FEE Timely Classic
Government Spending Must Be Cut by Hans F. Sennholz