CBO: This Year's Budget Deficit To Hit $1.5 Trillion

The AP reports that a "continuing weak economy and last month's bipartisan tax cut legislation will drive the government's deficit to a record $1.5 trillion this year, a new government estimate predicts. The eye-popping numbers mean the government will continue to borrow 40 cents for every dollar it spends. The new Congressional Budget Office estimates will add fuel to a raging debate over cutting spending and looming legislation that's required to allow the government to borrow more money as the national debt nears the $14.3 trillion cap set by law. Republicans controlling the House say there's no way they'll raise the limit without significant cuts in spending, starting with a government funding bill that will advance next month." Tweet