WASHINGTON -- The Congressional Budget Office said the U.S. budget deficit for fiscal 2008 -- $407 billion -- will be more than double the deficit for 2007, hit by the wars and a weak economy, and predicted it is likely to rise further in fiscal 2009.
"The figures make it challenging to avoid playing the dismal economist," said CBO director Peter Orszag in a statement.
The agency foresees an increase to $438 billion by fiscal 2009, which begins Oct. 1, with the government takeover of Fannie Mae and Freddie Mac further complicating budget projections.
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Congressional Democrats pounced on the results, saying they reflected years of the administration's fiscal irresponsibility.
"The figures make it challenging to avoid playing the dismal economist," said CBO director Peter Orszag in a statement.
The agency foresees an increase to $438 billion by fiscal 2009, which begins Oct. 1, with the government takeover of Fannie Mae and Freddie Mac further complicating budget projections.
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Congressional Democrats pounced on the results, saying they reflected years of the administration's fiscal irresponsibility.
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