U.S. budget deficit to hit $407 billion

09/10/2008 | CNN

The Congressional Budget Office issued a report stating that the U.S. federal-budget deficit will increase by $246 billion and reach $407 billion this year. Tax revenue did not grow to match an increase in federal spending, partly attributed to an estimated 15% fall in corporate-tax receipts. The estimate was made exclusive of the government's takeover of Fannie Mae and Freddie Mac, although the companies' debt will not be absorbed by the public, said Peter Orszag, director of the agency.

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