2012 Federal Deficit and Unemployment Projections

CBO predicts higher deficit, unemployment than forecast earlier
The Congressional Budget Office expects the federal budget deficit to rise to $1.08 trillion this year, up from the $973 billion it had forecast in August. The CBO also expects unemployment to increase to 8.9% by year-end, and to 9.2% next year. The new forecast is based on weaker-than-expected economic growth, lower corporate tax revenue and the extension of the payroll-tax cut. The Hill (1/31)