Budget Deficit Soars Past $1.8T

The federal budget deficit will surpass $1.8 trillion during the current fiscal year, the Congressional Budget Office said today. The figure far outstrips the previous estimate of $1.2 trillion and spells trouble for President Obama's proposed budget, the Wall Street Journal reports, but the White House budget director said the projection won't derail the administration's plans.

Those projections include a cumulative $9.3 trillion in deficits through 2019, according to the New York Times. The numbers assume Obama's proposed $3.55 trillion budget request for the fiscal year that begins in October goes through—a prospect that already has Republicans restive. "People can afford only so much government spending, even for the worthiest-sounding causes," said Sen. Charles Grassley.
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