Obama's Budget Deficit Balloons -- As Tax Receipts Fall, Government Aid Rises

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WASHINGTON - The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.

New administration budget estimates Monday said that the fiscal 2009 deficit would reach $1.84 trillion, or $89 billion more than forecast in February, while the 2010 figure now is estimated at $1.26 trillion, or $87 billion above the previous number. The fiscal 2008 deficit was $459 billion.

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Obama's Budget Deficit Balloons -- As Tax Receipts Fall, Government Aid Rises

The unprecedented deficit figures flow from the deep recession, the Wall Street bailout a...

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