CBO sees $250B federal budget deficit

By ANDREW TAYLOR, Associated Press Writer
Wed Jan 23, 1:46 PM ET

The deficit for the current budget year will jump to about $250 billion under Congressional Budget Office figures released Wednesday, as a weaker economy and lower corporate profits weigh on the government's fiscal ledger.

And that figure does not reflect more than $100 billion in red ink from an economic stimulus measure in the works.

"After three years of declining budget deficits, a slowing economy this year will contribute to an increase in the deficit," the CBO report said.