This is what fiscal paralysis looks like. The U.S. government, the White House projected last week, will run a deficit of $1.2 trillion or 7.8% of the gross domestic product in the fiscal year that ends Sept. 30. And the Commerce Department said last week that the U.S. economy grew at a slow 1.5% annual rate in the second quarter and, the Federal Reserve said Wednesday, has “decelerated.” Private economists don’t expect much of a pick up in the third quarter.