WASHINGTON (AP) — The federal budget deficit will hit $1.28trillion this year, down slightly from the previous two years, witheven bigger savings to come over the next decade, according tocongressional projections released Wednesday.
The nonpartisan Congressional Budget Office says budget deficitswill be reduced by a total of $3.3 trillion over the next decade,largely because of the deficit reduction package passed by Congressearlier this month.
Nevertheless, the federal budget will be awash in red ink foryears to come. Even with the savings, budget deficits will totalnearly $3.5 trillion over the next decade — more if Bush-era taxcuts scheduled to expire at the end of 2012 are extended.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
