Yep, those Republicans sure do know economics. Whoever is in there next will be burdened with trying to lift the economy out of its current troubles along with this.
The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate.
A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.
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