White house budget director speak of slowing economy

The decline in house prices were sharp in the financial year and a slow economic growth was recorded, as the inflation increased unexpectedly in U.S. The federal budget deficit for the year 2009 grew to a record $482 billion.

Senate Budget Committee Chairman Kent Conrad said that the next president will have a task ahead as the projected deficit will increase to 410 billion for the fiscal year that will end on September 30.