Obama’s First Two Years Will Boast Two Biggest Deficits Since World War II, Says CBO

(CNSNews.com) - President Barack Obama’s first two years in office will boast the two biggest annual federal budget deficits since World War II, when measured as a share of GDP, says the Congressional Budget Office.

“Last year’s deficit was the largest as a share of GDP since the end of World War II, and the deficit expected for 2010 would be the second largest,” said CBO.

“The Congressional Budget Office (CBO) projects that if current laws and policies remained unchanged, the federal budget would show a deficit of $1.35 trillion for fiscal year 2010,” said CBO. “At 9.2 percent of gross domestic product (GDP), that deficit would be slightly smaller than the shortfall of 9.9 percent of GDP posted in 2009.”