'CBO: Federal deficit will hit $1.3 trillion'

from the wash times........

"The government will run another $1.3 trillion deficit in fiscal 2011,Congress‘ chief scorekeeper said Wednesday in a report that highlighted both an economy that will struggle over the next few years and a federal budget showing massive red ink for the foreseeable future.

The deficit marks the third-largest shortfall in history, and the third straight $1 trillion gap 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 could rack up nearly $6 trillion more in deficits, CBO said - far outstripping the $1.5 trillion in savings the new deficit supercommittee is charged with recommending to Congress"..................READ MORE