The US budget deficit will widen to a nominal record of $482bn next year, as a slumping economy takes a further toll on the federal government’s fiscal position, the White House projected on Monday.

Driven by dwindling tax receipts caused by the economic downturn and the payment of more than $100bn (£50bn) in stimulus cheques to US consumers, the figure was higher than the Bush administration’s previous estimate of a $407bn gap for the 2009 fiscal year starting in October.