http://story.news.yahoo.com/news?tmpl=story&cid=542&ncid=703&e=2&u=/ap/20040212/ap_on_go_ca_st_pe/federal_deficitWASHINGTON - The government produced a deficit of $130.1 billion for the first four months of the 2004 budget year, which was one-third more red ink than for the same period the previous year.
The figures released Thursday by the Treasury Department (news - web sites) highlighted the worsening state of the government's balance sheets.
The White House expects the deficit this budget year to balloon to $521 billion, a record in dollar terms.
Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites), in appearances on Capitol Hill this week, warned that growing federal deficits could threaten the economy's progress. He urged lawmakers to reinstate budget rules to get the deficits under control.
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