WASHINGTON — The Congressional Budget Office reported Tuesday that if current spending and tax laws continue the U.S. will leave the land of $1 trillion annual budget deficits, with deficits dropping to $845 billion in fiscal year 2013.

The CBO report shows budget deficits falling further to $616 billion in FY 2014, $430 billion in FY 2015, and $476 billion in FY 2016.

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