The Congressional Budget Office forecasts a narrower deficit in 2011 and going forward, based largely on lower interest rates and on the deficit reduction deal.
- 2011 now seen at $1.284 trln versus earlier forecast of $1.4 trn
- 2012 seen at $973 bln versus of $1.08 trln
- Cumulative 10-year deficit now seen at $3.487 trln versus $6.737 trln
- 2012 jobless rate forecast at 8.7%
- 2011 GDP seen at 2.4%, 2012 seen at 2.6%
