Deficit in the Deficit

The fiscal hole that the U.S. Government is digging itself into this year will not be as deep as expected. Last August the Bureau of the Budget forecast a deficit of $10.3 billion for the fiscal year ending next June 30. Recent "informed" guesses have been about $5 billion. This week, however, the best indications are that the deficit will be about $3 billion. One reason for the deficit in the deficit: defense expenditures will be much lower than anticipated, partly because of bottlenecks in aircraft production.

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