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Budget analysts project $1.1T federal deficit this year

Billy the Kid

Billy the Kid

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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?
 
The report went on to say:

"In its annual summertime report, the budget office said Wednesday that letting decade-old tax Bush tax rates expire and sweeping spending cuts occur in January -- which will happen without congressional action -- "would lead to economic conditions in 2013 that will probably be considered a recession."

Read more: Budget analysts project $1.1T federal deficit this year | Fox News


And . . . . . "a gloomier projection than the budget office made earlier this year when it envisioned slight growth under that scenario. Unemployment would rise to around 9 percent by late next year if the standoff persists, the analysts said. Read more: Budget analysts project $1.1T federal deficit this year | Fox News
 
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