Record Federal Budget Deficit Expected in Fiscal 2009

From the USA Today: Record deficit expected in 2009

The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure ... In February, President Bush predicted the 2009 deficit would be $407 billion.

The budget update shows this year's deficit headed under $400 billion ...

First, this is the Unified Budget deficit. By these projections, the General Fund deficit (the President's responsibility) will be around $600 billion this year, and $700 billion next year.

Second, these projections are probably optimistic.