“In its analysis of the Presidents proposals excluding any macroeconomic effects, which was issued on March 16, CBO concluded that the federal budget deficit would equal $1.3 trillion (or 8.1 percent of gross domestic product, GDP) in fiscal year 2012 and would decline to about $1.0 trillion (or 6.1 percent of GDP) in 2013. The deficit would decline further relative to GDP in subsequent years, reaching 2.5 percent by 2017, but then increase again, reaching 3.0 percent of GDP in 2022.”
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