[Iran Press TV] Recent reports indicate that the US is on track for a fourth consecutive year with a budget deficit topping one trillion dollars.According to the Congressional Budget Office (CBO), the US will be short USD 1.1 trillion in its 2012 budget, ending September 30. The CBO has revised its 973-billion dollar estimate for fiscal 2012. The budget analysis predicts the country's spending to remain unchanged, while expecting revenues to grow by 9.6 percent.
Over the past two fiscal years, the US posted a 1.3 trillion dollar deficit after posting a record 1.4 trillion dollar deficit in fiscal 2009. Under the current policies, the CBO predicts the national debt to jump to USD 15.3 trillion over the next ten years. The country's official unemployment rate is also expected to rise in 2013.
Meanwhile,
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the nation's gross domestic forecast (GDP) has also been revised down to two percent.
Since the 2008 economic crisis, the US budget deficit has topped the one-trillion-dollar mark.