Record $482 Billion '09 Deficit Forecast :

The federal budget deficit will grow to a record $482 billion in the fiscal year that begins in October, the White House said yesterday, driven by war costs, tax rebates, and a slowing economy that will leave the next president little room to fulfill costly campaign promises.
White House budget director Jim Nussle said unexpectedly slow economic growth, sharp declines in housing prices and an unanticipated increase in inflation will help drive next year's tide of red ink close to half a trillion dollars, up sharply from February's $407 billion estimate.

"We are not happy about the deficit," Nussle conceded.