Federal Deficit, Congressional Budget Office | featured news

The federal deficit will hit $1.3 trillion for fiscal 2011, the third consecutive year of record shortfalls and an emerging campaign theme for GOP attacks on President Obama and congressional Democrats. The deficits of the last three years are at levels unseen since World War II and stem from the "long shadow" cast on the economy by the financial crisis and recession, the Congressional Budget Office said Wednesday.

An effort by Republicans in the House of Representatives to repeal the healthcare law enacted last year would add to already huge federal budget deficits, the Congressional Budget Office warned on Thursday.

A new projection from the Congressional Budget Office forecast the federal government's budget deficit for fiscal 2010 would total $1.34 trillion, improving to just over $1 trillion in fiscal ...