CBO Predicts Fourth Consecutive Year With Trillion Dollar Deficit

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The Conressional Budget Office (CBO) treated us with some bad, yet expected, news: Another year with a deficit exceeding a Trillion dollars.  In their release, the CBO said:

CBO projects a $1.1 trillion federal budget deficit for fiscal year 2012 if current laws remain unchanged. Measured as a share of the nation’s output (gross domestic product, or GDP), that shortfall of 7.0 percent is nearly 2 percentage points below the deficit recorded in 2011, but still higher than any deficit between 1947 and 2008

The U.S. posted $1.3 trillion deficits in each of the past two years after a record $1.4 trillion deficit in fiscal 2009.