The federal budget deficit will total $1.1. trillion for fiscal year 2012, which ends on Sept. 30, 2012, the Congressional Budget Office estimates, marking the fourth year in a row – a first – with a deficit of more than $1 trillion. CBO expects the economic recovery to continue at a modest pace for the remainder of calendar year 2012, according to the agency’s Update to the Budget and Economic Outlook but, Director Doug Elmendorf said, “the unemployment rate will rise to 9% next year.” Meanwhile, about 60% of Americans participating in a recent Gallup poll said the nation's economy is getting worse, while 35% said it is improving.
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