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New Congressional Budget Office Estimates Show Continued High Deficits and Further Fiscal Deterioration

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Abstract:

On September 7, the Congressional Budget Office released new estimates showing that the budget deficit will grow to $422 billion in fiscal year 2004. This is $46 billion higher than the 2003 deficit, which stood at $375 billion. Despite the economic recovery, the deficit has continued to rise. 2004 will be the fourth consecutive year of fiscal deterioration, following eight consecutive years of fiscal improvement. Moreover, outside the surplus in the Social Security Trust Fund, CBO estimates the 2004 deficit at $571 billion.