Shelby: $20 trillion deficit coming

The Congressional Budget Office last week projected that the federal budget deficit could hit $9.3 trillion dollars over the next decade under the budget proposed by President Obama.

But Sen. Richard Shelby (R-Ala.) told Fox News Sunday host Chris Wallace that if Obama doesn't scale back his budget, we're in for a much bigger shortfall than CBO is predicting.

"I see a $20 trillion deficit in the years to come,? he said in response to a question from Wallace about whether Obama should dial back his ambitious budget proposal in deference to the economic crisis.

Shelby's projection, for which he did not cite a source, would mean a deficit at least eight times larger than the deficits of George W. Bush's presidency.