White House Predicts $482 Billion Deficit (a new record)
http://www.nytimes.com/2008/07/29/washington/29budget.html?_r=1&oref=slo...

From the article:

"The worst may be yet to come. The deficit announced by Jim Nussle, the White House budget director, does not reflect the full cost of military operations in Iraq and Afghanistan, the potential $50 billion cost of another economic stimulus package, or the possibility of steeper losses in tax revenues if individual income or corporate profits decline.

The new deficit numbers also do not account for any drains on the national treasury that might result from further declines in the housing market.