World

US Deficit Hits New Record

Kelly Hayes - Sep 7, 2004 / 12:54 pm | Story: 3874

The American federal deficit will reach a record $422 billion US this year, according to a projection released Tuesday that was immediately used as ammunition in the presidential election campaign. The projected deficit for the 2004 budget year, which ends on Sept. 30, amounts to about $549 billion Cdn. Last year's federal deficit was $375 billion US, or $488 billion Cdn. In all, the United States government will spend about $2.3 trillion US this budget year.
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