Deficit, U.s. Deficit | featured news

Congressional Budget Office predicts long-term deficits vastly exceeding White House estimates.

The federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected.

Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to – although weaker than – the one lawmakers rejected.

President Barack Obama renewed his pledge on Saturday to make job creation his top priority in 2010 but said it was also critical to rein in a record budget deficit that threatened economic recovery.