The federal government will run a near-record deficit of $407 billion this year, according to the latest Capitol Hill estimates.

The Congressional Budget Office released figures yesterday that indicate the red ink will spill over into next year, when the deficit would reach a record $438 billion – and could go even higher as the government takes over mortgage lenders Fannie Mae and Freddie Mac.

The deficit, more than double last year’s sum, is largely attributed to continuing weakness in the economy, high energy and food prices, and the slump in the housing and financial markets, said the nonpartisan agency, which makes economic and budget estimates for Congress.

Such deficits feed inflation, make the nation dependent on foreign lenders, cost taxpayers hundreds of billions of dollars in interest payments on the growing national debt, and drain capital from more productive investments.

The new forecast may restrain the appetite of the next president for adding expensive spending programs or new tax cuts. Pressure may build to allow some tax cuts enacted in 2001 and 2003 to expire as scheduled at the end of 2010, with Congress also feeling pressure to curb spending growth.

The economy still could slide into a recession.