Deficit Breaks $1T Again

Budget gap shrinks, but is set to grow
By Matt Cantor,  Newser User
Posted Oct 15, 2010 7:10 AM CDT
President Barack Obama participates in a youth town hall event broadcast live on BET, CMT and MTV networks yesterday in Washington.   (AP Photo/Charles Dharapak)

(Newser) – The federal budget deficit is set to break a trillion dollars for the second year in a row, the Obama administration is set to report today. Officials foresee a deficit of $1.29 trillion for the 2010 budget year that ended Sept. 30, the AP reports, down from last year’s $1.4 trillion. Next year’s could soar back to that record high, the administration projects.

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