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Friday, January 29, 2010

Congressional Budget Office Foresees Long, Slow Recovery

Congressional Budget Office officials forecast official unemployment averaging above 10 % this year and in 2011.  Actual unemployment, including people who have stopped looking for jobs, is close to 17%.

Annual budget deficits, already at unprecedented high levels, will be greater than $1 trillion for years to come.  The president’s recently proposed budget freeze will amount to very little, prospectively reducing budgeted Federal spending increases from 45% to 44.3% over the next ten years.