The Congressional Budget Office released its budget estimate that predicted a huge amount of deficit reaching $1.35 trillion as the worst financial crisis in decades continue to hammer down economical activities in the United States.

In addition the report showed that the office predicts slower pace of economical recovery along with high deficit figures and unemployment averaging 10.1 this year, meanwhile the report shows that the world's leading economy might be able to grow by 2.0% or slightly higher this year and continue to rise in the upcoming year as unemployment projected to drop to 9.5 percent.

As for the budget deficit of $1.35 trillion it is expected to drop in the year 2011 reaching $980 billion only if a host of tax cuts passed under President George Bush are allowed to expire. Furthermore the report showed that deficit will decline to $480 billion by 2015 only if tax cuts on income, investments, large real estate are allowed to expire by the end of this year.