CBO: Federal budget deficit to dip to $1.1 trillion

ANDREW TAYLOR | AP
Published: 02/01/2012

WASHINGTON — A new budget report released Tuesday predicts the government will run a $1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure.

The Congressional Budget Office report also says that annual deficits will remain in the $1 trillion range for the next several years if Bush-era tax cuts slated to expire in December are extended, as commonly assumed.

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