A new congressional report says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.
The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.
The agency says its future-year predictions of tax revenues are more pessimistic than the administration's.
For the ongoing budget year, CBO predicts a record $1.5 trillion deficit. That's actually a little better than predicted by the White House.
The deficit picture has turned alarmingly worse since the recession that started at the end of 2007.
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