The US budget deficit will hit $337 billion this year, the Congressional Budget Office (CBO) said today, according to a source.
The forecast does not include a potential $80 billion to $100 billion in additional funds the Bush administration might request to finance the wars in Iraq and Afghanistan, or more money that likely will be needed this year for Gulf Coast hurricane rebuilding.
The new deficit estimate for fiscal 2006 is up from CBO's August forecast of $314 billion and up from the actual fiscal 2005 deficit of $318.62 billion.
