The federal government's budget deficit will total $1.1 trillion for the fiscal year that ends in September, down slightly from the previous year but higher than a prior estimate. The non-partisan Congressional Budget Office report also said that annual deficits will top $1 trillion for years if Bush-era tax cuts are extended. At that size, the deficit means the government borrows 30 cents of every dollar it spends. It will be the fourth annual deficit in a row of more than $1 trillion, and the national debt now stands at just above $15 trillion. “The CBO’s latest alarm bell couldn’t be more ominous,” House Budget Committee Chairman Paul Ryan (R-Wis.) told Politico. “For years, politicians from both political parties have failed to be honest with the American people about the size and scope of the debt threat."
