CBO’s Budget Report: Perennial Debt for Generations

The budget season has officially commenced today with CBO’s release of its annual budget and economic outlook. Here are some of the major takeaways from the report:

The topline figure that the media will focus on is the projected $1.070 trillion budget deficit for FY 2012, down from $1.3 trillion last year. However, as CBO notes several times throughout the report, the reduction in this year’s deficit is predicated on several assumptions.

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