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 Support The DrudgeReport; Visit Our Advertisers  Federal Government Will Borrow $79 Billion In Current Qtr. Tue Apr 29 2003 10:02:37 ET The government said it will need to borrow $79 billion in the current quarter, a reversal of more than $100 billion from previous projections, the WALL STREET JOURNAL reported on Tueday. MORE The Treasury Department announcement reflects the government's still-deteriorating tax collections and the cost of the war and defense buildup. It also hands more ammunition to deficit hawks fighting President Bush's proposed $550 billion tax cut, even as Mr. Bush launched another round of meetings and appearances this week to garner support for his package. Treasury officials said continued anemic growth in the economy is to blame for the budgetary problems, and makes the case for the president's tax cut stronger than ever. END |
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