05 March 2010

Projected Deficits Of $1 Trillion A Year For Next Decade

CBO: Deficits to average $1 trillion per year over the next decade

President Barack Obama's budget will lead to deficits averaging nearly $1 trillion over the next decade, the CBO estimated Friday.

The Congressional Budget Office (CBO) said President Barack Obama's budget would lead to annual deficits averaging nearly $1 trillion for the next decade.

CBO expects fewer tax revenues largely because it expects less economic growth than the White House over the next decade.

The CBO expects the economy to grow at about 4.4 percent annually during the last half of this decade, while the administration expects annual growth to range from 5.3 percent to 4.3 percent from 2015 to 2020.

The deficit for this year is on pace to top last year's record budget shortfall of $1.4 trillion, according to another CBO report.

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