busydying的日记

Washington: The White House plans to announce that the federal deficit will be about US$262 billion(S$379 billion) less than offcials predicted earlier this year.

However, it will still total a massive US$1.58 trillion and pose a huge obstacle for President Barack Obama, who is seeking policy overhauls in health care and the environment.

The decrease in the estimate comes in part because the administration has provied less aid than expected to Wall Street, but the revised figure is still three times last year's deficit, a White House official said late on Wednesday.

The report is expecred to be released next Tuesday.

The deficit date is recorded shattering, but would give the Obama adminstration the opportunity to say that its polities have avoided a more extreme financial crisis and removed the need for further bank infusions. 

The non-partisan Congressional Budget Office is also due to release its mid-session review next Tuesday. It eatimated in June that it expected a deficit of US$1.825 trillion.

The report for the budget year that ends on Sep 30 will expect Washington to spend US$3.653 trillion this year, officials said. But revenue would reach only US$2.074 trillion.