The nonpartisan Congressional Budget Office is predicting the federal deficit will rise to a record $477 billion this year, up from last year's $375 billion level.

In its annual report, the CBO said the picture looks worse if President Bush's tax cuts are made permanent. Over the next 10 years, the government would lose an additional $469 billion, according to CBO forecasts.

Get the Story:
CBO Says '04 Deficit Will Rise to $477 Billion (The Washington Post 1/27)
Budget Office Forecasts Record Deficit in '04 (The New York Times 1/27)
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CBO Report:
The Budget and Economic Outlook: Fiscal Years 2005 to 2014 (January 26, 2004)