The poor economy, increased spending, and declining revenues are combining to create conditions that could result in a $1.8 trillion deficit this year, the Congressional Budget Office projected today.
|The CBO predicts it will decline to $1.4 trillion next year and the cumulative deficit from 2010 to 2019 under the President Obama's budget proposals would total $9.3 trillion. This is $2.3 trillion more than what the Obama administration projected when it unveiled its budget proposal last month.
|The CBO said that the Obama administration's proposed changes in tax policy would cause revenue declines of $2.1 trillion over the next 10 years. Proposed changes in spending programs would add $1.7 trillion (not including the costs of serving the debt) to expenditures over the next 10 years. Interest costs associated with greater borrowing would add another $1 trillion to deficits between 2010 and 2019.
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