The federal deficit for 2010 will likely reach $1.34 trillion, according to the Congressional Budget Office.
In a report released Thursday, the CBO projects that the deficit will be $71 billion less than last year’s, but still the second highest in 65 years.
The report also estimates that unemployment will not reach 5 percent until 2014, even if the economy picks up steam.
The report can be read in its entirety here…