U.S. Headed for Fourth Straight Year of $1 Trillion Plus Deficit

The non-partisan Congressional Budget Office, in a report released today said thatUnited Statesis set to record its fourth straight year of $1 trillion-plus budget deficit. The current year fiscal deficit, set back by weaker than expected corporate tax revenues, will stay above $1 trillion. The past two years saw the country post $1.3 trillion deficits, which was marginally lower than the $1.4 trillion deficit, recorded in Obama’s first year in office in fiscal 2009.  Based on the assumption that Bush-era tax cuts expire at the end of 2012, the CBO...