This morning, Congressional Budget Office Director Douglas W. Elmendorf presented the CBO’s budget forecast this morning on C-SPAN. Their new Budget and Economic Outlook shows a small improvement in the deficit, but rising unemployment. Their report projects a $1.1 trillion federal budget deficit for FY 2012, or a 7 percent drop from last year. However, it also projects unemployment to rise to 8.9 percent in 2012.
For a summary of the CBO Report and it’s associated resources: