Report shows deficit to exceed $1 trillion next year

WASHINGTON (AP) — The Congressional Budget Office is upping its projections for this year’s federal deficit by $63 billion and increasing its forecast for deficits over the next decade by $809 billion.

The nonpartisan office projects the deficit will exceed $1 trillion beginning next year.

The office says its projections on both fronts stem mostly from recently enacted legislation that lifted the nation’s debt limit and reversed scheduled 10% cuts to defense and nondefense programs.

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