The budget deficit for fiscal year 2008 will be "around $400 billion," according to a new Congressional Budget Office estimate. CBO's prediction is "slightly higher than the White House's deficit estimate of $389 billion," both of which "approach the record-breaking deficit suffered in fiscal 2004 of $412.7 billion." Last month, the White House predicted the deficit could reach nearly $490 billion in fiscal year 2009. (The Progress Report)