WASHINGTON — The economic crisis is already taking a toll on the Obama administration’s new budget projections, adding $90 billion to its already historically high estimates of deficits for both this fiscal year and next.
The changes, reported on Monday by the Office of Management and Budget, brings the deficit for this fiscal year, which ends Sept. 30, to $1.84 trillion from a February projection of $1.75 trillion. For fiscal 2010, the new estimate is $1.26 trillion, up from $1.17 trillion.
As measured against the size of the economy, this year’s shortfall would be 12.9 percent of the overall economy, or gross domestic product. Next year’s deficit would be 8.5 percent of G.D.P. Even before the latest revisions those levels are the highest in more than 60 years, since the end of World War II. http://www.nytimes.com/2009/05/12/business/economy/12budget.html
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