2004 Deficit Hits Record $413 Billion
The federal deficit surged to a record $413 billion in 2004, the Treasury Department announced Thursday, injecting the figure into a presidential campaign in which the two parties have clashed over President Bush's management of the economy and the budget. The number was a significant improvement from the shortfalls that analysts projected earlier this year, including a $521 billion estimate the Bush administration made in February. In March, the nonpartisan Congressional Budget Office estimated a deficit of $477 billion. Both the administration and the Congressional Budget Office had lowered their deficit forecasts as the year progressed, due to stronger than expected revenue collections and lower spending. Even so, the final deficit figure easily surpassed the previous record in dollar terms - a revised $377 billion deficit run up last year. With inflation filtered out, the $413 billion shortfall was the worst since World War II. [more 
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