Another year, another record deficit. The federal budget deficit will reach a record $448 billion this year, exceeding last year's record of $412 billion. According to the nonpartisan Congressional Budget Office (CBO), "the long-term outlook for the US budget deficit has deteriorated since the end of last year." For most Americans these enormous, persistent deficits would be cause for concern. But not for White House Press Secretary Scott McClellan. According to McClellan, the new numbers show "we are on track."