Projected Deficit Drops 84 Billion

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WASHINGTON (AP) -- Congressional forecasters said Monday the federal deficit this year, though still huge, won't be as bad as originally projected -- a welcome turn for President Bush who inherited healthy surpluses four years ago and saw them disappear in a sea of red ink.

At the same time, the fiscal outlook remains troubled for years to come, the nonpartisan Congressional Budget Office said.

The CBO predicted a $331 billion deficit for the budget year ending Sept. 30 and a $314 billion deficit for next year.

Last year's deficit was a record $412 billion. In February, the White House had predicted this year's shortfall would set a higher record of $427 billion.

The short-term improvement was attributed to an $84 billion surge in estimated tax receipts, including a 42 percent increase in revenues from corporate profits.

http://www.nytimes.com/aponline/national/AP-Budget-Deficit.html?oref=login&oref=login

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