Thursday, January 27, 2011

CBO Projects US Budget Deficit to Hit $1.5 Trillion in 2011

It would be a new record; a record we really should not try to brake. We will see if the new Republican controlled house can put a dent in this number/

"The grim forecast from the nonpartisan Congressional Budget Office came hours after President Obama called in his State of the Union address for Republicans and Democrats to work together to rein in record deficits that are pushing the national debt into uncharted territory. At $1.5 trillion, the deficit would equal 9.8 percent of the economy, the CBO said, making it one of the largest by that measure since the end of World War II."

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