The federal budget deficit can be brought down if Congress follows through with mandated spending cuts and policy changes envisioned in current law — such as the expiration of Bush-era tax cuts — the Congressional Budget Office said Wednesday.

CBO projected the budget deficit to be $1.28 trillion in 2011 and $973 billion in 2012, based on current law. Both estimates are down from the office's March forecast, which had estimated budget deficits of $1.40 trillion and $1.08 trillion for 2011 and 2012, respectively.

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