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    1. The Economy

    U.S. to Face $490 Billion Budget Deficit Next Year

    July 28, 2008
    This year's deficit revised downward to $400 billion.

    The White House has revised upward its estimate of the budget deficit for next fiscal year to $490 billion, a senior administration official said July 28.

    The official meanwhile revised downward to $400 billion the administration's calculation of the deficit for the current fiscal year, which ends September 30.

    Copyright Agence France-Presse, 2008

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