US Deficit Forecast To Hit $1.8 Trillion This Year

By: Associated Press
By: Associated Press

Capitol Hill aides say the latest deficit figures produced by congressional economists show the federal budget deficit will exceed $1.8 trillion this year.

The flood of red ink gets only slightly better in 2010 with a deficit of almost $1.4 trillion under the Congressional Budget Office's latest figures, due out officially this afternoon. The numbers come from aides who spoke on condition of anonymity before the official release.

Democrats in Congress are readying President Barack Obama's budget for preliminary votes next week. Obama's figures are in line with CBO's for the current year but slightly lower for 2010.

The weakening economy is responsible for the worsening deficit picture, but Democrats insist it won't crimp Obama's agenda.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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