“The federal government incurred a budget deficit of $424 billion in the first four months of fiscal year 2011, CBO estimates, slightly less than the shortfall recorded in the same period last year. If appropriations for the rest of this fiscal year are set at the same annualized amounts as those in effect for the first several months and the Congress were to enact no other legislation affecting spending or revenues, CBO expects that the federal government would end fiscal year 2011 with a deficit of nearly $1.5 trillion, around $200 billion more than the $1.3 trillion deficit recorded in 2010. (CBO recently published projections for the coming decade in The Budget and Economic Outlook: Fiscal Years 2011 to 2021.)”
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