The deficit will fall to below $1T in 2013 for the first time since 2008, the CBO forecasts. Assuming that automatic cuts take effect in March, the deficit will drop to $845B in this year and then $616B in 2014. However, debt will continue to accumulate, taking the overall burden to $20T by 2023 and annual interest payments to above $850B. The CBO also predicts that GDP growth will slow to 1.4% in 2013 before accelerating to 3.4% next year.
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