WASHINGTON— Congressional estimators are projecting an unparalleled budget deficit of $1.2 trillion for the 2009 budget year.

A top congressional aide briefed on the estimate says the Congressional Budget Office also sees a $703 billion deficit for 2010.

The dismal figures come a day after President-elect Barack Obama warned of trillion-dollar deficits for years to come.

CBO's figures don't account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. Obama officials say the stimulus measure will blend tax cuts with big new spending programs and could cost up to $775 billion over the next few years.