The Bush administration released the current fiscal year deficit project July 30, saying the government would run $445 billion into the red. The total figure, a new record, is 19% higher than last years $374 billion deficit.

The Office of Management and Budget (OMB) had projected earlier this year that the budget deficit would climb to $521 billion dollars, and so marked the eventual result as a improvement. The non-partisan Congressional Budget Office (CBO) also predicted a larger deficit in January, but later revised its figure downward.