Record shortfall in current fiscal year would shrink to $1.3T in 2011
(AP) - President Obama's proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year, then start to recede in 2011 to $1.3 trillion, a congressional official said today. The new budget, out tomorrow, says deficits over the next decade will average 4.5% of the size of the economy, a level economists say is dangerously high if not addressed, said the official, who was not authorized to discuss the budget before its public release. More»
