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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : U . S . budget deficit hits $ 1 . 48 trillion ( Reuters )...</span>
Extensions of tax cuts that President Barack Obama and Congress enacted last month will help push up the U.S. budget deficit to $1.48 trillion this year, the Congressional Budget Office forecast on Wednesday. In August, before the Bush-era tax rates were extended, the CBO estimated the fiscal 2011 budget deficit would be $1.07 trillion.The forecast is part of a semi-annual economic review by the CBO, the non-partisan budget analyst for Congress.The CBO also said the U.S. economy will expand 3.1 percent this year and 2.8 percent in 2012, with real gross domestic product growing an average of 3.4 percent in 2013-2016."Revenue growth will be restrained by the slow and tentative pace of the recovery and by the 2010 tax act," the CBO said.The severe impact of annual budget deficits was noted by CBO Director Douglas Elmendorf, who wrote in an Internet posting that "debt held by the public will probably jump from 40 percent of GDP at the end of fiscal year 2008 to nearly 70 percent at the end of fiscal year 2011."The debt held by the public could keep rising, reaching 77 percent of GDP in 2021 if current spending and tax policies are unchanged, the CBO said.
<span style="font-weight: bold"> Confirmed : U . S . budget deficit hits $ 1 . 48 trillion ( Reuters )...</span>
Extensions of tax cuts that President Barack Obama and Congress enacted last month will help push up the U.S. budget deficit to $1.48 trillion this year, the Congressional Budget Office forecast on Wednesday. In August, before the Bush-era tax rates were extended, the CBO estimated the fiscal 2011 budget deficit would be $1.07 trillion.The forecast is part of a semi-annual economic review by the CBO, the non-partisan budget analyst for Congress.The CBO also said the U.S. economy will expand 3.1 percent this year and 2.8 percent in 2012, with real gross domestic product growing an average of 3.4 percent in 2013-2016."Revenue growth will be restrained by the slow and tentative pace of the recovery and by the 2010 tax act," the CBO said.The severe impact of annual budget deficits was noted by CBO Director Douglas Elmendorf, who wrote in an Internet posting that "debt held by the public will probably jump from 40 percent of GDP at the end of fiscal year 2008 to nearly 70 percent at the end of fiscal year 2011."The debt held by the public could keep rising, reaching 77 percent of GDP in 2021 if current spending and tax policies are unchanged, the CBO said.