federal budget deficit

In an Oct. 14 story on the record federal budget deficit for 2008, The Associated Press incorrectly quoted Senate Budget Committee Chairman Kent Conrad as saying the national debt had climbed by more than $1 trillion while President Bush was in office.

The federal budget deficit has soared to $454.8 billion in 2008. A housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history.

A report released Tuesday estimates the federal budget deficit will rise from $246 billion to $407 billion by the end of the year, due in part to 'stimulus' checks and bank bailouts.

The government says the federal budget deficit soared in July, pushed higher by economic stimulus payments and $15 billion in outlays to protect depositors at failed banks.