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Source: US 2009 budget deficit revised to $1.8 trillion

(Agencies)
Updated: 2009-03-20 23:45

WASHINGTON – US congressional analysts are expected on Friday to forecast even more red ink than expected, a record $1.8 trillion deficit for fiscal 2009, which could complicate President Barack Obama's efforts to pass his $3.55 trillion budget plan for 2010.

The Congressional Budget Office is expected to project a $1.8 trillion deficit for the fiscal year that ends September 30 and then forecast a drop to $1.4 trillion for fiscal 2010, a source familiar with the numbers told Reuters.

Related readings:  Obama pushes Congress to pass $3.6 trillion budget  Obama budget bold, achievable  Obama submits first budget to Congress

Since taking office in January, the Obama administration has been shoveling billions of dollars out the door in a bid to reverse a steep downward spiral in the US economy and prop up the struggling financial system.

The massive deficit forecasts come after Obama submitted in February his $3.55 trillion budget plan for fiscal 2010, which includes huge new programs to address healthcare and curb greenhouse gas emissions.

His plan has drawn fierce Republican criticism for its massive new spending and tax increases on the wealthy.

In January the CBO forecast almost $1.2 trillion in red ink for fiscal 2009 and $703 billion for fiscal 2010, but that came before the $787 billion economic stimulus package Congress passed to kick-start the ailing economy.

Obama's budget projected a $1.75 trillion deficit for fiscal 2009 and $1.17 trillion for 2010. The House and Senate Budget Committees were awaiting the latest CBO estimates before they begin next week crafting their budget plans.

Senate Budget Committee Chairman Kent Conrad said on Thursday he expected federal deficit spending to be $1.6 trillion greater over the next 10 years than President Barack Obama's budget plan forecasts.

Obama's budget outline to Congress last month included a forecast of almost $7 trillion in deficits through 2019.