The Office of Management and Budget estimates that the budget deficit this fiscal year (which ends Sept. 30) will be $1.84 trillion. For the 2010 fiscal year, the estimate is $1.26 trillion.
Measured against the economy, this year’'s shortfall is 13 percent of the gross domestic product. Next year’'s deficit would be 8.5 percent of GDP. These deficit projections are the highest in more than 60 years, since the end of World War II.
Economists generally agree that a country'’s annual deficits should not exceed 3 percent of economic output.
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