CBO Projects $1.2 Trillion Deficit for 2009

The Congressional Budget Office (CBO) is projecting that the federal government's deficit will reach a record $1.2 trillion in 2009, given that government spending and tax laws do not change.

The $1.2 trillion figure does not include the $775 billion economic stimulus package proposed by President-elect Barack Obama and congressional Democrats are pushing.

The CBO made its projection today in a report on the country's economic and budget outlook from 2009 to 2019. It also predicted that