Ummmmm....ok Bush administration official: 2008 will set record - Yahoo! News WASHINGTON - A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion. The official said Monday the deficit was being driven to record levels 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 $490 billion would easily surpass the current record deficit of $413 billion set in 2004. The official spoke on condition of anonymity because the new deficit estimate had not been formally released. Bush administration officials were scheduled to do that at a news conference later Monday.