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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