MercoPress. South Atlantic News Agency

Second record US budget deficit.

The United States budget deficit reached 412 billion US dollars in fiscal 2004, the highest ever in the country's history according to a report from the Treasury Department.

The sum represents 3,6% of United States GDP and is the second consecutive record budget deficit under the administration of president George W. Bush. However the final figure is below the July estimate of 445 billion and 521 billion US dollars at the beginning of the year.

Actually the Congressional Budget Office had estimated 415 billion US dollars for fiscal 2004 which ended September 30.

Josh Bolten from the White House Budget and Administration Office admitted that even when the deficit was "not welcome", the advance over earlier estimates indicates "that the US economy is picking up and the fiscal situation is rapidly improving".

September seems to have become a turning point since the Federal government actually managed a 24,3 billion surplus.

The US Treasury Department also rectified the 2003 budget deficit which was originally estimated in 374 billion US dollars but ended at 377 billion, the record deficit until this year.