CBO Report: Scary, Dismal and Elephants in the Room

The Congressional Budget Office released yesterday its economic and budget analysis for 2012 and beyond. It is a one-day news story but paints a grim picture of the national outlook. It is so horrible and the consequences so dismal that it defies imagination. It begs the questions: How did this happen? What is being done to address the problems?

CBO projects a $1.1 trillion federal budget deficit for fiscal year 2012 if current laws remain unchanged. The current deficit projection is slightly higher than the one made at the end of the summer. The deficit will be slightly lower than last year but this will be the 4^th year in a row in the Obama era the deficit is over a trillion dollars. The national debt passed the $15 trillion last year and is well on its way to $16 trillion.