Deficit Soars to $1.8 Trillion

Remember in January when the Congressional Budget Office forecast a budget deficit of $1.2 trillion for 2009? Well, scratch that. The CBO announced this morning the new forecast is a new record: $1.8 trillion. The extent of negative funds is likely to hinder President Obama's hopes for a 2010 budget plan of $2.55 trillion. Also included in the CBO report: a projected deficit of $1.4 trillion for 2010 and a total of nearly $7 trillion in deficits through 2019.