From Politico:


Congressional Budget Office reports another $1 trillion deficit

For the fourth year in a row, Washington faces a $1 trillion-plus deficit and just servicing the nation’s debt will soon cost as much as paying for Medicaid, the federal-state health care program for the poor and disabled.

Those were two grim predictions in a 147-page report from the Congressional Budget Office, which Tuesday stepped into the 2012 campaign like some stern Aunt Cassandra — coming down from the attic to lecture the protagonists: “It’s not just the economy stupid, it’s also the debt.”

Indeed the $1.079 trillion deficit now projected for the 2012 fiscal year ending Sept. 30 is wider than what the added CBO had predicted in August, and the picture won’t substantially improve unless Congress comes to grip with changes needed in tax and spending policy.

“The CBO’s latest alarm bell couldn’t be more ominous,” said House Budget Committee Chairman Paul Ryan (R-Wis.). “For years, politicians from both political parties have failed to be honest with the American people about the size and scope of the debt threat. The CBO’s report today confirms that it is past time for serious leaders to put aside politics and start forging solutions.”.......
--------------
Link: http://www.politico.com/news/stories/0112/72205.html