WASHINGTON — A congressional report released yesterday said the US budget deficit would hit $337bn this year, up $23bn from an August estimate. The figure excludes additional funds needed for the Iraq and Afghanistan wars. The Congressional Budget Office (CBO), congress’ nonpartisan fiscal watchdog, said the deficit in fiscal 2007, which begins on October 1, would drop to $270bn. But the estimate does not include several big-ticket items, such as war costs and tax policy changes, that are likely to significantly add to the flow of red ink unless congress finds a way to shrink spending in other areas.
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