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 ObamaBarack ObamaWhite House appears to inflate job creation stats on first 100 days site Rick Perry: Trump should ‘renegotiate’ Paris climate pact Earnest: Obama won't be Democratic Party's next leader MORE 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