WASHINGTON, Jan 31 (Reuters) - The White House predicts that the United States will post a record $1.6 trillion budget deficit in the current fiscal year, a congressional source told Reuters on Sunday.
In its budget proposal to be released on Monday, the White House predicts that deficits will fall to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the Capitol Hill source said.
(Editing by Eric Walsh)