Congressional Budget Office Director Doug Elmendorf on Wednesday projected that economic growth will slow by next year and unemployment will rise before that -- a forecast that Rep. Paul Ryan called ominous, grim and alarming.

Elmendorf laid out the latest projections on the economy and deficits before the House Budget Committee on Capitol Hill.

Ryan, R-Wis., who is chairman, raised alarm given projections that 2012 "will mark the fourth straight year of trillion-dollar deficits."

"Trillions more dollars will be added to debt in the years ahead, putting a chilling effect on jobs creation today and committing the next generation to a diminished future," he said.


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