Washington, July 12.
'A deficit of $3,964,000,000 was fo Jcast for the fiscal year that began on July 1, in the revised Budget est~ imates" issued today.
President Roosevelt explained that the estimates issued in January were based on the hope of a decided im-Provement in business," which, not Only. did not improve, but gradually grew worse, Expenditure, which was estimated at" $2988,000,060, would set a peace time "record, while the gross, dete was. estimated at $4:004,000,000,. the FecondTargst dete since the World The Chief Executive calculated that ourness mould probably have Work Administration. He into "$300,000,000 more. for the [branch of the Treasury's revenue.
'Total revenue would probably' be falling from $6:241,000,000, last timated, would rise by $76,000,000 to a new post-War record of $1,060,000,000.
'Owing to the Treasury's cash' bal-lance, as a result of gold sterilization Jand other causes, Mr. Roosevelt was; for the opinion that it would only' be necessary to borrow about $2,008,000,- (000 to finance the deflelt—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.