OMB Reduces Deficit Estimate
October 10, 2003 - Office of Management and Budget
(OMB) Director Joshua Bolton Oct. 8 issued a revised federal
budget deficit estimate for FY 2003 that cut $55 billion from
previous projections. In its mid-year budget review issued
in July, OMB said the FY 2003 deficit would be $455 billion.
Bolton told reporters Wednesday that the deficit for the fiscal
year that ended Sept. 30 will be less than $400 billion. Final
figures for FY 2003 will not be available until the end of
the month.
Bolton did not revise the FY 2004 deficit forecast, which
OMB projected in July would reach a record $475 billion. The
Congressional Budget Office in August estimated the FY 2004
deficit would be $480 billion.
Dave Moore, Senior Associate Vice President
AAMC Government Relations
dbmoore@aamc.org
(202) 828-0525
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