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The government had projected a budget deficit of 4.6 percent of G.D.P. next year without major spending cuts.
The Deficit When Mr. Bush took office in January 2001, the Congressional Budget Office projected a budget surplus of $397 billion for the fiscal year 2004, assuming no changes in tax and spending laws.
Earlier this month, the Independent Budget Office projected a budget gap of $3.1 billion for the fiscal year that begins in July, and $4.6 billion for the following year based on problems in the national housing market that have spilled over into the financial services industry, a major driver of the city's economy.
That first letter from the Port Authority, written when John F. Kennedy was president and Wall Street a much smaller place, projected a budget for the new trade center of about $800 million, as Mr. Guthard recalled -- magnitudes bigger than any of Mr. Yamakasi's previous projects.
It projected a budget deficit of 8.2%, compared with a target of 8.6%.
However, when economists projected a budget surplus for 1996, Patton agreed to invest half of it in capital projects in exchange for using the other half for measures to improve government efficiency.
Similar(54)
By 2010 it projects a budget shortfall of about $370m a year.
It is projecting a budget shortfall of $229 million this year.
The county projects a budget shortfall of $115 million in 2009.
Jersey is projecting a budget deficit of £100m.
The May budget estimates were projecting a budget deficit of only $6.9bn in2018-192018-19
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