The federal government spent $319 billion more than it collected in revenue during the 2005 fiscal year, according to the final budget numbers jointly released by the Treasury Department and the White House's Office of Management and Budget.
Measured strictly by dollars, the $319 billion shortfall is the third largest in history, trailing only the 2003 and 2004 fiscal years. But measured as 2.6 percent of the gross domestic product, the figure is well under deficits run in the 1980s as a percentage of the economy. In July, the White House office estimated a $333 billion shortfall, and in February, a $427 billion shortfall.
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