US deficit to total $1.7 trillion over next decade

The Congressional Budget Office on Thursday estimated that the federal deficit will decline to $260 billion this year but will increase to $286 billion next year with total deficits over the next decade put at $1.7 trillion. The $260 billion forecast for the current budget year, which the CBO previewed earlier this month, would represent an improvement from last year's actual deficit of $319 billion. However, the detailed CBO report released Thursday showed that the improvement will be temporary with deficit expected to swell to $1.7 trillion over the next decade.