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New CBO Report Offers Mixed Picture of the Deficit, Economy

Washington, DC
Tuesday, January 31, 2012

The new CBO's new Budget and Economic Outlook, released this morning, shows a small improvement in the deficit but rising unemployment.

The report projects a $1.1 trillion federal budget deficit for FY 2012, or a 7 percent drop from last year. However, it also projects unemployment to rise to 8.9 percent in 2012.

CBO Director Douglas W. Elmendorf discussed the report and then took questions during a briefing shorty following the release of the Outlook.

Updated: Wednesday, February 1, 2012 at 8:51am (ET)

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