Budget analysts project $1.1T federal deficit this year | Fox News
"Prepare for another year of $1 trillion-plus deficits.
The nonpartisan Congressional Budget Office projected Wednesday that the deficit for 2012 will run $1.1 trillion, the fourth year in a row the shortfall will exceed $1 trillion.
The projection is down a bit from an earlier estimate pegging the deficit this year at $1.2 trillion.
The report also warned that a new recession is likely if an ongoing stalemate over tax and spending cuts continues between Democrats and Republicans.
Read more: Budget analysts project $1.1T federal deficit this year | Fox News
Things aren't looking to good in the future. Is the "fiscal cliff" looming?