Major Garrett reports New 10-year Federal Deficit: $9 Trillion, Up from $7 Trillion
The Obama Office of Management and Budget tells Fox the federal deficit over the next decade is projected to be $2 trillion higher than previous estimates.
The new 10-year aggregate federal deficit is $9 trillion.
An official said the prolonged recession and the ensuing decline in federal revenue prompted a recalibration of the deficit numbers.
The numbers also reflect a projection that post-recession economic growth may not be as robust as after previous recessions, the official said.
An Unsustainable Federal Deficit