Deficit Tops $1 Trillion for Second Straight Year
ABC News reports:
The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.
The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 - the highest deficit on record.
Soaring deficits have become a problem for Democrats in an election year focused on the weak economy.
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