"It's almost a lost economic decade." -- Mark Zandi, co-founder of and chief economist at Moody's Economy.com

The Congressional Budget Office released its annual report on the ten-year budget and economic outlook. In 2009, CBO projects that the federal budget deficit will be $1.2 trillion. At 8.3 percent of GDP, that number would "shatter the previous post-World War II record high of 6.0 percent" And, that doesn't include a economic rescue package that will likely be well over $700 billion.

While we were glad to see Peter Orszag tapped to head OMB, we were equally sad to see the Congressional Budget Office (CBO) robbed of such an outstanding leader.