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CBO projects $1.5 trillion deficit for 2010 in Obama budget

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The federal deficit would hit $1.5 trillion in 2010 under President Barack Obama’s proposals, the Congressional Budget Office (CBO) projected Friday.

The nonpartisan budget office said it projected a deficit measuring 10.3 percent of gross domestic product (GDP) this year, and a $1.3 trillion deficit in 2011 that would measure 8.9 percent of next year’s GDP.

The CBO’s projections are based on a preliminary analysis of Obama’s budget versus the budget office’s baseline projections, which “assume that current laws and policies that affect federal spending and revenues remain unchanged.”

Full story: CBO projects $1.5 trillion deficit for 2010 in Obama budget – The Hill’s Blog Briefing Room