The U.S. is facing a $1.3 trillion deficit for fiscal year 2011 and an unemployment rate above 8 percent through 2014, according to a projection from the Congressional Budget Office.
The projected 2011 deficit, the third-largest in 65 years, is exceeded only by the deficits of the preceding two years, a CBO summary said.
The CBO projects the unemployment rate to fall from 9.1 percent in the second quarter of 2011 to 8.9 percent in the fourth quarter of the year and to 8.5 percent in the fourth quarter of 2012.
The unemployment rate is projected to stay above 8 percent through at least 2014.
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