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Washington (AP) — New budget estimates released Wednesday predict the government’s deficit will hit almost $1.5 trillion this year, a new record.

The daunting numbers mean that the government will have 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.

The CBO analysis predicts the economy will grow by 3.1 percent this year, but that joblessness will remain above 9 percent this year. Dauntingly for President Obama, the nonpartisan agency estimates a nationwide unemployment rate of 8.2 percent on Election Day in 2012.

The latest figures are up from previous estimates because of bipartisan legislation passed in December that extended Bush-era tax cuts, unemployment benefits for the long-term jobless and provided a 2 percent payroll tax cut this year.

That measure added almost $400 billion to this year’s deficit, CBO says.

The deficit is on track to beat the record of $1.4 trillion set in 2009. That figure reflected huge outlays from the Wall St. bailout. The nonpartisan budget agency predicts the deficit will drop to $1.1 trillion next year.

“The fiscal challenge confronting us is enormous. To solve this problem, it will require real compromise and a great deal of political will,” said Budget Committee Chairman Kent Conrad, D-N.D. “We need to have both sides, Democrats and Republicans, willing to move off their fixed positions and find common ground.”

http://www.theblaze.com/stories/cbo-predicts-2011-budget-deficit-to-hit-record-1-5-trillion/
 

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There's no one at the wheel. Iceberg ahead!
 

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Anybody check out Issa today?
Go Issa. :thumbsup:
 

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Pawlenty said it best. It is unsustainable. You simply do not have a republican ideology running the country. IE... the providers that allow for your emotional governance, based upon tax dollars generated by those "rich" providers. Well look at your goofy asses now.

"****" in one hand... "want" in the other. What are you left with ?
 
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