CBO Says 2009 Budget Deficti Will Be 50% Greater Than Expected

ABC's Jake Tapper reports that "the director of the Congressional Budget Office today updated his projections for the budget and economic outlook and is now anticipating a $1.8 trillion deficit this year, and $1.4 trillion in 2010. This is up from CBO director Douglas W. Elmendorf’s January 2009 projection of a $1.2 trillion deficit this year. In short, the US government is borrowing 50 cents for every dollar it spends. The new projected deficit is four times the 2008 deficit, which was a record high for its time."
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