On Tuesday, the Treasury reported that the federal government ran a budget deficit of $454.8 billion in the 2008 fiscal year, up from $161.5 billion in 2007. According to Bloomberg.com, Morgan Stanley chief economist David Greenlaw has predicted the shortfall may increase to about $2 trillion once the full extent of the bailout is realised. This would be the equivalent of approximately 15 percent of US gross domestic product—more than twice as large as the post-World War II record deficit of 6 percent of GDP recorded in 1983. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum
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