The PBGC confirmed earlier this week that its deficit, already at the highest in its history, had doubled in its last fiscal year from $11.2 billion to $23.3 billion. Much of the loss for fiscal year 2004 was a result of pension fund failures in the airline industry. The agency has now lost an average of $10 billion a year for the last three years.
Furthermore, the agency now faces $96 billion worth of risk from companies that are "reasonably possible" to default on their pension promises compared to $82 billion just one year ago.
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