The Congressional Budget Office (CBO) is projecting that the federal government's deficit will reach a record $1.2 trillion in 2009, given that government spending and tax laws do not change.

The $1.2 trillion figure does not include the $775 billion economic stimulus package proposed by President-elect Barack ObamaBarack ObamaBiden: Trump will not undo most climate change policies Donald Trump will be president — but a President Trump may not be what voters expected American astronaut John Glenn helped others rise all his life MORE and congressional Democrats are pushing.

The CBO made its projection today in a report on the country's economic and budget outlook from 2009 to 2019. It also predicted that