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.

With the announcement of a TARP-sponsored bailout of GM and Chrysler, Treasury Secretary Henry Paulson said that the remaining $350 billion

TARP's Congressional Oversight Panel (COP)-- one of the Troubled Asset Relief Program's (TARP) oversight institutions -- now has a website.

Pop on over to http://cop.senate.gov/ to follow the panel's reports and announcements.

Here's COP's chair Elizabeth Warren explaining the panel's duties.

The Congressional Oversight Panel, a committee created by the Troubled Asset Relief Program (TARP) legislation released its first report today. And because appointments to the panel were made only weeks ago, they had little time to conduct an investigation.