(FOXNEWS) — Prepare for another year of $1 trillion-plus deficits.
The nonpartisan Congressional Budget Office projected Wednesday that the deficit for 2012 will run $1.1 trillion, the fourth year in a row the shortfall will exceed $1 trillion.
The projection is down a bit from an earlier estimate pegging the deficit this year at $1.2 trillion.
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The report also warned that a new recession is likely if an ongoing stalemate over tax and spending cuts continues between Democrats and Republicans.