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CBO: Federal deficit will hit $1.3 trillionBy Stephen DinanWashington Times Aug. 24, 2011 |
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 The government will run another $1.3 trillion deficit in fiscal year 2011, Congress‘ chief scorekeeper said Wednesday — easily eclipsing the $917 billion in savings over the next decade lawmakers scratched out earlier this month in their debt deal, and underscoring the deep challenge they face going forward. It marks the third-largest shortfall in history, and the third straight $1 trillion deficit under President Obama, though next year’s deficit is projected to dip just under that mark according to the Congressional Budget Office. Over the next decade, the federal government will rack up nearly $6 trillion in new deficits, the CBO said — far outstripping the $1.5 trillion in future savings the new deficit super committee is charged with recommending to Congress. Read More 
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