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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