Washington (Sept. 9, 2004) -- While this year’s federal budget deficit will hit a record $422 billion, a whopping $2.3 trillion in new debt is projected to accumulate over the next decade, the Congressional Budget Office said.

The 10-year deficit could potentially reach $3.6 trillion if the Bush tax cuts are extended, the CBO noted. The cuts are currently set to expire in 2011. The deficit, which is roughly $56 billion less than was originally projected in March, still remains $46 billion ahead of last year, the CBO said.

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