August 24, 2010
Andrew Presti- Author's Bio
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The Congressional Budget Office released an improved outlook for the federal budget deficit this year, but the report also amounted to a warning to President Obama and Congress about the limits of policies designed to stimulate the economy. On the positive side, the 2010 budget deficit – though gargantuan – is now forecast at $1.3 trillion, or $27 billion lower than what the CBO predicted in March. The deficit is also expected to be $71 billion lower than the deficit posted in 2009, which set a six-decade record for its scale as a percentage of the US economy.