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This year’ s federal budget deficit will reach a record $ 422 billion, and the government is now expected to accumulate $ 2.3 trillion in new debt over the next 10 years, the Congressional Budget Office (CBO) reported yesterday.
   The expected deficit for the current fiscal year, which ends Sept. 30, is $ 56 billion less than the CBO predicted in March, as a recovering economy added to tax receipts. But it is $ 46 billion more than last year’s record shortfall, with even more red ink possible. A nonpartisan agency reported: The expected total 10-year deficit would climb from $ 2.3 trillion to $ 3.6 trillion if President Bush is able to extend the tax cuts he enacted. They are currently set to expire in 2011.