Leaked CBO Numbers: $1.8 Trillion Deficit In 2009, $1.4 Trillion In 2010

According to leaked estimates from a Congressional Budget Office report to be released later today, the deficit for 2009 will be $1.8 trillion, falling to $1.4 trillion in 2009. The Obama administration had projected this year’s deficit would reach $1.75 trillion.

Watch MSNBC’s report:

As Washington Post columnist Steven Pearlstein pointed out, the numbers confirm that “the recession is worse than they thought when they did these things last time,” and thus “the more urgent it is for us to spend more money to stimulate the economy.”