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| The previous record deficit was $459 billion and was set just last year. The Obama health plan would be "paid for" with new revenues and curbs in spending. But the overhaul effort would eat up tax increases and spending cuts that could be used to bring the deficit down. (AP Photo) |
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CBO: Budget Deficit Hit Record $1.4 Trillion in 2009 |
Under President Barack Obama, the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday. The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.
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