Another $1 trillion+ Federal Deficit

Another $1 trillion+ Federal Deficit
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Today, the Congressional Budget Office (CBO) released projections for 2012 saying they expect the federal deficit to exceed $1 trillion.  The CBO predicts the total amount added to the nation’s debt this year will settle around $1.1 trillion.

This will be the fourth straight year the U.S. federal government has added at least $1 trillion to the national debt.  Along with mounting debt, lawmakers have yet to address the looming tax increases and spending cuts that would automatically take effect if no action were taken.  The White House and Congress have shown little interest in constructing a valid solution to the problem.

A Fox News reports, “Letting the tax rates continue and preventing the spending cuts from taking effect would leave a deficit next year of just over $1 trillion. If the reverse occurs, the shortfall would be $641 billion — in effect sucking roughly $400 billion out of a U.S. economy that is already struggling.”

Read the full Fox News article here.

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