New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends. That's actually a little better than the administration predicted in February. The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery.
The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates. The Office of Management and Budget report has ominous news for President Barack Obama should he seek re-election in 2012, a still-high unemployment rate of 8.1 percent. Read more here:
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