US CBO sees $477 billion deficit in 2004

The Congressional Budget Office on Monday forecast a slight improvement in this year's record federal budget deficit, but new evidence of worsening deficits over the next decade pose political problems for President George W. Bush in this election year.
In its bi-annual budget outlook, details of which were obtained by Reuters from congressional sources, the non-partisan agency forecast a federal deficit of $477 billion in 2004, only $3 billion less than the last forecast made in August.
It predicted next year's deficit will total $362 billion, up from $341 billion predicted in August.
Based on current federal spending plans and tax policy, the deficit is expected to reach nearly $1.89 trillion between 2005 and 2014, up from prior predictions of $1.4 trillion in the next decade.