CBO Projects Larger Budget Deficits March 23, 2009 Joseph Bishop-Henchman Joseph Bishop-Henchman The Congressional Budget Office last week estimated budget deficits for the current Fiscal Year 2009 will be $1.8 trillion and for Fiscal Year 2010 will be $1.4 trillion. The White House had estimated the numbers at $1.75 trillion and $1.2 trillion, respectively. The previous deficit record, set last year, was $459 billion. Over the next ten years, the deficits will total $9.3 trillion, according to CBO. The White House had estimated $7 trillion. Why the difference? The Wall Street Journal explains: One main reason for the difference in budget estimates is a difference in economic forecasts, with congressional views of long-term growth less optimistic than those of the White House — in part because of the long-term effects of so much government borrowing. The White House said its projection is more in line with those of private-sector economists. Congressional forecasters also use different accounting rules that tend to be more conservative. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Center for Federal Tax Policy