Tuesday, July 14, 2009

How did $1 trillion deficit happen?


By MARTIN CRUTSINGER


WASHINGTON (AP) — In a year of eye-popping numbers, add one more: The government's annual budget deficit has topped $1 trillion.
And with three months left in the budget year, it will actually get even worse. The administration is projecting that the deficit will hit $1.84 trillion for the current budget year, four times the size of last year's deficit. Last year's number was the all-time leader at the time, at $454.8 billion — a figure that now seems rather puny in comparison.


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