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US deficit tops Obama forecast by 1.2 trillion dollars: CBO

March 06, 2010

The US government budget deficit for the next decade is expected to be wider by 1.2 trillions dollars than projected by President Barack Obama's administration, estimates by Congress showed Friday.

Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period was 8.532 trillion dollars.

But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars.

The CBO expects a deficit "1.2 trillion dollars greater over the 2011-2020 period than what the administration anticipates under the president's budget," CBO director Douglas Elmendorf said in a report Friday.

The CBO said it also estimated a 75-billion-dollar higher deficit than projected by the White House for the next fiscal year, which ends on September 30, 2011.

Under the latest budget estimates, the White House had projected that deficit falling to 1.267 trillion dollars, from a record 1.556 trillion dollars in the current 2010 fiscal year.

 

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