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First time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. coming off th...

Here. i mean, it all will be related at some point, and the debate will be completely muddled, and it's the debate we were having before president obama went into office. everything that you predicted has come to pass and mohr. >> and more, exactly. >> other news. a new government report predicts the budget deficit will drop below $1 trillion for the first time during the obama presidency. the congressional budget office assumes spending cuts going into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall but the cbo'...

Now. we've ignored a policy of growing the private sector. we've ignored that. because we've ignored it, i think that's why we're in such a grim position now. that is an opinion. >> shannon: why do you think that we're willing to accept this kind of behavior from our government when if any of us ran our budgets at home like this, we would be bankrupt and on the streets? >> because the president constantly says the economy is headed in the right direction. he said that just a few minutes ago. >> shannon: he did. >> the economy is headed in the right direction. he says housing is improving, the ...

Crews who have to asemi aboutable and break down the stage. there's also speculation a halftime show would be performed offsite in the meadowlands arena. the nfl communications chief tweeted halftime and pregame shows will be in the stadium next year. the show is sometimes more popular than the game. last year madonna's performance attracted 114 million viewers, an average of 111 million watched the actual game. the latest projection of america's debt and deficits came out in black and white today but it's bathed in a sea of red ink. jim answering the reports. >> the congressional budget off...

Years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of th...