Washington, July 12.
A deficit of $3,984,000,000 was forecast for the fiscal year that began on July 1, in the revised Budget es imates issued today.
President Roosevelt explained that the estimates issued in January were based on the hope of a decided improvement in business, which, not only did not improve, but gradually grew worse.
Expenditure, which was estimated at $8,985,000,000, would set a po: time record, while the gross deficit [was estimated at $4,084,000,000. the [second largest deficit since the World War.
"The Chief Executive calculated that Duke of Windsor Making Mediterranean Cruise
Text read from the printed page and cleaned; old type leaves the occasional error.