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Pictures | Tue Feb 5, 2013 | 5:40pm EST

Near-term deficits to shrink, but debt to deepen: CBO

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas
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Congressional Budget Office (CBO) Director Douglas Elmendorf arrives at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf arrives at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf arrives at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas
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Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas
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Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags:...more

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)
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Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags:...more

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)
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Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas

Congressional Budget Office (CBO) Director Douglas Elmendorf speaks at a news conference to release the CBO's annual "Budget and Economic Outlook" report on Capitol Hill in Washington February 5, 2013. REUTERS/Yuri Gripas
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