CBO Predicts $7.1 Trillion Deficit Over Ten Years
08.25.09 |
(Washington, DC) -- A new government report has a lower estimate of the U.S. budget deficit. The non-partisan Congressional Budget Office Tuesday reduced its estimate of the ten-year deficit to over $7.1 trillion.
The Obama administration had predicted a deficit of $9 trillion.
Despite the lower projection, the Congressional budget watchdog says the federal government will spend a record $1.59 trillion more than it takes in during the current fiscal year, which ends September 30th.
The CBO also predicts the government will post a $1.38 trillion deficit during fiscal 2010. That figure is about the same as the estimate put out by the White House.
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