(Correcting day in dateline, lead)

WASHINGTON, Oct 7 (Reuters) - The U.S. budget deficit hit a record $438 billion in fiscal 2008, which ended Sept. 30, the result of rising government spending for defense and lower revenues because of the troubled economy, the Congressional Budget Office said on Tuesday.

The deficit for the just-ended year that was announced by Congress' nonpartisan budget analyst is $276 billion more than the $162 billion shortfall in fiscal 2007. The old deficit record of $413 billion came in fiscal 2004.

(Reporting by Richard Cowan)

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