White House slashes 2005 U.S. budget gap forecast
Posted on: Wednesday, 13 July 2005, 10:07 CDT
WASHINGTON (Reuters) - The White House on Wednesday slashed its forecast for the fiscal 2005 budget deficit by nearly $100 billion after the government raked in unexpectedly large tax revenues in recent months.
The Bush administration projected a deficit of $333 billion for the fiscal year ending Sept. 30, according to the Office of Management and Budget's "midsession" update.
The revised budget gap was sharply narrower than the $427 billion estimate the Bush administration gave in February with the release of its proposed budget. It was also down from 2004's deficit of $412 billion, which was a record high.
Private analysts had projected a lower deficit, but some cautioned that temporary factors, such as capital gains receipts from the jump in stock prices late last year, were at play in the improvement.
They also warned that spending on entitlement programs such as the Medicare health program for seniors is expected to climb steeply in coming years.
Source: REUTERS
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