So the Obama administration is submitting its fiscal year 2012 budget today—and along the way, the administration revises its FY 2011 budget deficit.
The current projected deficit for FY 2011? $1.6 trillion.
This comes after last month’s announcement by the Congressional Budget Office, which put the FY 2011 deficit at $1.48 trillion—which in turn was a revision over last year’s deficit projection of “only” $1.3 trillion.
So in other words, in less than six months, the FY 2011 budget—which has still yet to pass, scheduled for a vote this coming March 4—has had a deficit which has risen 23%.
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