Report shows deficit to exceed 1 trillion next year

WASHINGTON — The Congressional Budget Office is upping its projections for this year’s federal deficit by $63 billion and increasing its forecast for deficits over the next decade by $809 billion.The nonpartisan office projects the deficit will exceed $1 trillion beginning next year.The office says its projections on both fronts stem mostly from recently enacted legislation that lifted the nation’s debt limit and reversed scheduled 10% cuts to defence and nondefense programs.The Associated Press read more