WASHINGTON -- The Office of Management and Budget yesterday dramatically revised its budget deficit forecast, reflecting a substantial recession-induced shortfall in tax receipts and a major shift from this fiscal year to the next of deposit insurance outlays and Desert Storm costs.

For the year ending Sept. 30, the OMB projected a $282.2 billion deficit, down $35.9 billion from its February forecast of $318 billion. On the other hand, it is now saying next year's deficit will reach the astronomical level of $348.3 billion -- $67.4 billion higher than its previous forecast and far higher than even the most pessimistic private predictions.

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