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REPUBLICAN RED: Deficit now looks `well above $100 billion,' Congress' budget office says
Yahoo! News -- The federal deficit probably will soar beyond $100 billion this year, Congress' top budget analyst says, escalating a problem that both parties hope to capitalize on in this November's elections. In its latest monthly review of Treasury Department data, the Congressional Budget Office said Friday that this year's shortfall should "end up well above $100 billion." The red ink for the fiscal year running through Sept. 30 would be the first since 1997. Dan Crippen, director of the nonpartisan office, said the shortfall could near $150 billion. That is similar to expectations of Republican and Democratic analysts and of private forecasters. Crippen blamed the worsening budget picture on an equal mix of rising spending, declining revenue and the added interest the government would have to pay to cover the resulting extra borrowing.

posted by West 10:52 AM