The Bush administration is wrong
again in its forecast for the U.S. budget deficit, according to a
majority of Wall Street’s biggest bond-trading firms. This time,
White House projections may be too high.
The shortfall will probably reach a record $432 billion in
fiscal 2003, according to the average estimate in a Bloomberg
News survey of the 22 firms that trade with the Federal Reserve.
About two-thirds of the economists said the deficit will be below
the $455 billion the administration predicted last week.
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Three months ago the official deficit forecast for this
fiscal year ending Sept. 30 was $304 billion, and 20 of 22 so-
called primary dealers said the figure was too low. Now, Bush may
be overestimating the gap so the administration looks better
heading into an election year if the deficit comes in less than
forecast, several economists said.
Bloomberg News
