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U.S. faces economic recession risk: research agency

(Xinhua)

10:05, August 23, 2012

WASHINGTON, Aug. 22 (Xinhua) -- U.S. budget deficit would surpass the 1 trillion-U.S.-dollar mark and fiscal tightening next year would pose significant threat to the overall economy, according to a report released by the U.S. Congressional Budget Office (CBO) on Wednesday.

In an update of U.S. budget and economic outlook report, the CBO, a non-partisan budgetary and economic research agency, estimated that the budget deficit in 2012 fiscal year ending September will total 1.1 trillion U.S. dollars.

This projection is marginally down from the 1.2 trillion dollars estimated in March, but still marking the fourth year in a row with a deficit of more than 1 trillion dollars.

At 7.3 percent of gross domestic product (GDP), the 1.1 trillion budget deficit will be three-quarters as large as the deficit in 2009.

In 2009 fiscal year, U.S. federal government recorded an all time high fiscal imbalance of 1.41 trillion dollars and the shortfall fell slightly to 1.29 trillion dollars in 2010. In 2011 fiscal year, the budget gap amounted to 1.3 trillion dollars.

The U.S. federal government registered a budget deficit of about 69.6 billion U. S. dollars in July, bringing the total deficit for the first 10 months of this fiscal year to 973.8 billion dollars, near the 1-trillion-dollar level.

The CBO expected the economic recovery to continue at a modest pace for the remainder of 2012. For the year as a whole, the economy would grow by 2.1 percent and jobless rate would stand at 8.2 percent at the year's end.

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