Obama Adviser: Deficit Likely Worse Than Planned

From Wsj.com

The U.S. government's budget deficit will likely be wider than expected this year, a top White House adviser said Tuesday.

Speaking at the Nomura Asia Equity Forum in Singapore, Laura Tyson, a member of President Barack Obama's Economic Advisory Panel, said the U.S. economy faces a worse situation than previously believed, and the deficit - already the widest since World War II - may surpass a previous projection of around 12% of gross domestic product.