CBO: Federal deficit will hit $1.3 trillion - Washington Times

CBO: Federal deficit will hit $1.3 trillion - Washington Times

The government will run another $1.3 trillion deficit in fiscal year 2011, Congress’s chief scorekeeper said Wednesday — easily eclipsing the $917 billion in savings over the next decade lawmakers scratched out earlier this month in their debt-reduction deal and underscoring the deep challenge they face going forward.

And over the next decade, the Congressional Budget Office said, the federal government will rack up nearly $6 trillion in new deficits — far outstripping the $1.5 trillion in future savings the new deficit super committee is charged with recommending to Congress.