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a little remember
The U.S. budget deficit hit a record $374.2 billion US in fiscal 2003, the U.S. Treasury Department said Monday.
Economy likely central issue of 2004 presidential campaign
The war in Iraq was one reason for the huge shortfall. But the general economic slowdown south of the border and a new round of tax cuts also played a role.
The new deficit figure is more than double the $157.8 billion US deficit the country recorded in fiscal 2002, and breaks the previous record deficit of $290 billion US, established in 1992 during the administration of George H.W. Bush.
The current Bush administration had estimated in the summer that the red ink could top $455 billion US this year, so the Treasury numbers represent an improvement over that. Officials said recent belt-tightening and higher-than-expected tax revenues have helped.
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