U.S. Budget Deficit Forecast to Hit $1.8 Trillion This Year

President Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.The Congressional Budget Office figures, released Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget. Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level. Not surprisingly, Democrats and Republicans had different views on the figures. House Minority Leader John Boehner, R-Ohio,  said the report should serve as a wake-up call to the Obama administration. "Washington Democrats are learning a harsh lesson," he said in a statement. "Their unprecedented spending binge will have some very severe consequences for taxpayers now and future generations for decades to come." Boehner said both parties need to offer better solutions for creating jobs "by letting families and small businesses keep more of what they earn and restoring some fiscal sanity in Washington."