CBO sees higher near-term deficits under Obama plan WASHINGTON (Reuters) - President Barack Obama's latest budget plan would produce deficits of $1.3 trillion in fiscal 2012 and $977 billion in fiscal 2013, slightly higher than the White House's own estimates, the Congressional Budget Office said on Friday. The analysis by the non-partisan CBO confirms that, if enacted, Obama's fiscal 2013 budget plan would result in deficits higher than those that would occur current laws were left in place and major tax cuts expired. Reporting By David Lawder; editing by Christopher Wilson