WASHINGTON – The federal budget deficit could be $1.19 trillion for the current fiscal year, according to a Congressional Budget Office report issued today.
That figure represents about 8% of the economy and is the highest ever.
The deficit could get bigger depending on the outcome of the congressional debate over President-elect Barack Obama's economic stimulus package, which has been estimated to cost $800 billion over two years.
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"We have an economic situation that is dire, and we're going to have to jump start this economy with my economic recovery plan, creating 3 million jobs," he said at a news conference here "That's going to cost some money. And in the short term, we will actually see, potentially, additions to the deficit."
To monitor the effectiveness of federal spending, Obama created a new position, chief performance officer, who will work on the White House staff. He named Nancy Killefer, a management consultant and assistant treasury secretary during the Clinton administration, to the post.
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