WASHINGTON (AP) — The federal budget deficit will hit $1.28 trillion this year, down slightly from the previous two years, with even bigger savings to come over the next decade, according to congressional projections released Wednesday.
The nonpartisan Congressional Budget Office says budget deficits will be reduced by a total of $3.3 trillion over the next decade, largely because of the deficit reduction package passed by Congress earlier this month.
Nevertheless, the federal budget will be awash in red ink for years to come. Even with the savings, budget deficits will total nearly $3.5 trillion over the next decade — more if Bush-era tax cuts scheduled to expire at the end of 2012 are extended.
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