Federal Deficit Soars to a Record $1.417 Trillion

The federal deficit soared to a record $1.42 trillion at the end of the 2009 fiscal year, the Obama administration announced today, blaming the shortfall on the Bush administration. "The FY2009 deficit was largely the product of the spending and tax policies inherited from the previous administration, exacerbated by a severe recession and financial crisis that were underway as the current administration took office," the Treasury Department and Office of Management and Budget said in a...Full Story
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