Washington (Aug. 21, 2003) -- As the fiscal year’s end approaches, the U.S. government is facing a record $300 billion deficit, the Treasury Department announced Tuesday.

The year-to-date deficit, rose to $323.98 billion, Treasury said in its monthly budget statement. July's deficit, at $54.24 billion, was close to expectations and wider than in July 2002, when it was $29.16 billion. The fiscal year ends after September.

The 1992 budget year holds the record for the largest annual shortfall, at $290 billion, according to a Reuters report. The 2003 is gap is expected to pass that by coming in above $400 billion.

-- WebCPA staff

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