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 forecasts show the deficit falling to about $585 billion for…
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