US Fiscal Plan Will Double Federal Deficit

With the chances increasing of America sliding into recession under the weight of an intensifying housing slump, the sub-prime crisis and the credit crunch, Mr Bush said the federal deficit would reach $410bn for the budget year 2008 that ends on 30 September and $407bn for fiscal 2009. The budget makes military spending and the Iraq war its focus, proposing a 7.5 per cent increase for the Pentagon. Military expenditure will top $515bn – plus $70bn more for the conflicts in Iraq and Afghanistan. The proposals received a hostile reception from both sides on Capitol Hill. ... http://www.independent.co.uk/news/business/news/us-fiscal-plan-will-double-federal-deficit-778081.html

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