From C-Span.org:
The Congressional Budget Office (CBO) released a report this morning that estimates that the federal budget deficit for 2010 "will exceed $1.3 trillion—$71 billion below last year’s total and $27 billion lower than the amount that CBO projected in March 2010."
CBO Director Doug Elmendorf updates reporters today on the latest federal budget and economic numbers compiled by his office. In late July, the CBO released a report warning about a looming fiscal crisis if nothing is done about U.S. debt levels.