The Congressional Budget Office has released its Budget and Economic Outlook for the next 10 years.  For 2012, the CBO is projecting a deficit of $1.1 trillion.  But over the next 10 years, the CBO projects that figure to drop to  "under $200 billion and averaging 1.5 percent of GDP."  This projection is based on current laws, including the scheduled expiration of some tax cuts:

Much of the projected decline in the deficit occurs because, under current law, revenues are projected to shoot up by almost $800 billion, or more than 30 percent, between 2012 and 2014—from 16.3 percent of GDP in 2012 to 20.0 percent in 2014. That increase is mostly the result of of the recent or scheduled expirations of tax provisions, such as those initially enacted in 2001, 2003, and 2009 that lower income tax rates and those that limit the number of people subject to the alternative minimum tax (AMT).

Under current law, CBO projects that revenues will continue to rise relative to GDP after 2014 largely because increases in taxpayers’ inflation-adjusted income will push more income into higher tax brackets and subject more of it to the AMT.

Other important projections from the report are illustrated in the following slides from the CBO:

Read the full report here.