The Congressional Budget Office has revised its projection of the 2009 deficit, adding another $400 million and bringing the total to a numbing $1.7 trillion.

The non-partisan agency charged with analysis on programs within the federal budget, predicted that the baseline deficits over the 2010-2019 period would rise by $4.8 trillion due to Obama administration proposals that include a $3.6 trillion 2010 budget and the $787 billion stimulus package.

The CBO also predicted that tax revenues would plunge by roughly $2.1 trillion over the next 10 years.
Peter Orszag, director of the White House Office of Budget and Management, said the CBO's revisions were expected.

Senate Republicans, however, warned that deficits could approach the $20 trillion mark in the coming year if the budget plan passes.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access