Washington (Aug. 28, 2003) -- In a good news/bad news scenario, the Congressional Budget Office said the federal government would close out its fiscal 2003 with a $401 billion deficit -- roughly $54 billion less than the shortfall projected by the White House.

However, the CBO has projected a $480 billion hole for 2004 and a $1.4 trillion deficit over the next 10 years.

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