Forbes.com: U.S. Federal Budget Deficit Breaks Record
Forbes.com: U.S. Federal Budget Deficit Breaks RecordU.S. Federal Budget Deficit Breaks Record
Penelope Patsuris, 08.11.04, 5:15 PM ET
NEW YORK - In the headlines this afternoon, the U.S. federal government ran a $69.16 billion budget deficit for July.
That figure puts the budget deficit for the first ten months of fiscal 2004 at a record $395.78 billion, far exceeding the $323.95 billion deficit that was incurred by this time in fiscal 2003. The U.S. Treasury is projecting a total deficit of $417 billion for fiscal 2004.
U.S. stocks closed down today, having failed to recover from a disappointing market forecast from Cisco Systems (nasdaq: CSCO - news - people ). Other technology companies that also saw their shares end in the red include Sun Microsystems (nasdaq: SUNW - news - people ), Flextronics (nasdaq: FLEX - news - people ) and Vitesse Semiconductor (nasdaq: VTSS - news - people ).
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