CBO Forecasts

The article points out that the Congressional Budget Office - CBO - is projecting far greater deficits than those estimated by the president.

Nothing new here, all presidents err on the side of how they wish it all works out.

Within the somber sounding article comes another strong statement that the recession is thought to end in 2009 with growth in 2010 and 2011. Call it buying a year.

Reuters: U.S. Budget Office offers darker economic and deficit outlook

CBO also issued gloomier forecasts for the U.S. economy, projecting that it will contract 3 percent in 2009 before growing 2.9 percent next year and expanding 4 percent in 2011.