U.S. budget deficit of $1.2 trillion seen for fiscal 2009

It was not long ago that the entire US budget was $1 trillion, now we are looking at $1.2 trillion shortfall. This number does not even include Obama's 800 billion stimulus plan. Where do you think all this money will come from?-Lou

U.S. budget deficit of $1.2 trillion seen for fiscal 2009
Budget office sees recession lasting well into 2009, with slow recovery in 2010

By Robert Schroeder, MarketWatch

WASHINGTON (MarketWatch) -- The U.S. government will run a $1.2 trillion budget deficit in fiscal 2009, the Congressional Budget Office estimated Wednesday, offering a stark assessment of the red ink facing the country and the incoming administration of President-elect Barack Obama.

The nonpartisan office said in a report that the ongoing U.S. recession will probably last "well into" 2009, and that the economy will only undergo "slow recovery" next year. The CBO pegged real gross domestic product growth at 1.5% in 2010.

The overall deficit number is a challenge to President-elect Obama, who is seeking to enact a major stimulus plan of close to $800 billion.
"Enactment of an economic stimulus plan would add to that deficit," the CBO warned Wednesday

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