Latest report from the CBO:http://www.cbo.gov/doc.cfm?index=12699
http://www.cbsnews.com/8301-505245_162-57368817/federal-budget-deficit-to-dip-to-$1.1t-cbo-says/ [Broken]A new budget report released Tuesday predicts the government will run a $1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure.
The Congressional Budget Office report also says that annual deficits will remain in the $1 trillion range for the next several years if Bush-era tax cuts slated to expire in December are extended, as commonly assumed.
The CBO study also predicts modest economic growth of 2 percent this year and forecasts that the unemployment rate will remain above 8 percent this year. That is based on an assumption that President Barack Obama will fail to win renewal of payroll tax cuts and jobless benefits by the end of next month.
The CBO report shows that the deficit dilemma would largely be solved if the tax cuts enacted in 2001 and 2003 — and renewed in 2010 through the end of this year — were allowed to lapse. Under that scenario, the deficit would drop to $585 billion in 2013 and to $220 billion in 2017.
http://www.politico.com/news/stories/0112/72205.htmlCongressional Budget Office reports another $1 trillion deficit
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