Congressional Analysts Predict $1.1T Federal Deficit This Year

Wednesday, 22 Aug 2012 10:28 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Congress' nonpartisan budget analysts are projecting a $1.1 trillion federal deficit for 2012, the fourth straight year the government's shortfall will exceed $1 trillion.

The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2.25 percent. The slow-moving economy and massive federal deficits are top-flight issues in this year's presidential and congressional campaigns.

The budget office repeated a warning it made earlier this year, saying the long-term fiscal outlook is uncertain. That's because no one knows how President Obama and Congress will resolve their standoff over extending expiring tax cuts for the rich and over sweeping spending cuts that will be triggered in January unless Congress blocks them.


© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Tom DeLay: Americans' Rejecting Obama's Marxist Progressivism

Thursday, 18 Sep 2014 11:12 AM

President Barack Obama is a textbook Marxist who is trying to steer the country in that direction, but the American peop . . .

Scottish 'Yes' Campaign Pulled Page from Obama Playbook

Thursday, 18 Sep 2014 11:11 AM

The campaign for Scottish independence is taking a cue from one of the most successful political playbooks in history -  . . .

England, World Markets Brace for Scotland Vote Results

Thursday, 18 Sep 2014 11:06 AM

Scots held the fate of the United Kingdom in their hands Thursday as they voted in a referendum on becoming an independe . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved