“Prepare for another year of $1 trillion-plus deficits. The nonpartisan Congressional Budget Office projected Wednesday that the deficit for 2012 will run $1.1 trillion, the fourth year in a row the shortfall will exceed $1 trillion. The projection is down a bit from an earlier estimate pegging the deficit this year at $1.2 trillion. The report also warned that a new recession is likely if an ongoing stalemate over tax and spending cuts continues between Democrats and Republicans.”
http://www.foxnews.com/politics/2012/08/22/budget-analysts-project-11t-federal-deficit-this-year/
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