Bush’s parting gift to next president is record $490bn budget deficit

THE next US president will inherit a record budget deficit approaching $490 billion, according to a new Bush administration estimate.

The official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession.

A deficit approaching $490bn would easily surpass the record deficit of $413bn set in 2004.