Deficit Projection Nears $1.5 Trillion for Fiscal Year 2011

Congressional Budget Office Estimates

In the wake of a Democratic Congress’s failure to produce a budget last year, the 112th Congress continues to face deficits approaching $1.5 trillion this year and exceeding $1 trillion next year, according to estimates released today by the Congressional Budget Office [CBO]. Beyond the near term, CBO’s projections continue to show an unsustainable path of Federal spending, the debt effects of which are masked by unrealistic revenue projections.

Read the full House Budget Committee analysis here.