The predicted upshot is that the federal deficit will hit a record of $304 billion in 2003 and climb to $307 billion in 2004.

That is why it was impossible to determine with certainty when the overall monthly deficit last hit the current level.

By comparison, the White House is predicting that the federal deficit will hit $521 billion this year and $364 billion in 2005.

The White House said today that the federal deficit was likely to exceed $200 billion this fiscal year and probably hit $300 billion next year.

Nassau's fiscal tailspin started long before its deficit hit $300 million last summer.

That marked the fourth straight monthly fall since the deficit hit $11.39 billion last June.

By 2040, this annual deficit would hit $1.2 trillion.

That figure only stands, though, if this year's deficit hits its 6% target - about which there are serious doubts.

In December 2007, Australia's deficit hit $19.3 billion which was an 18 per cent increase than three months earlier.

The deficit hit a record $290.4 billion in the fiscal year 1992 before it started to decline.