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August 26, 2009

Deficit Projection Grows to $9 Trillion
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In financial news, the Obama administration is predicting a $9 trillion
deficit over the next ten years. The figure is nearly $2 trillion more
than what the White House projected in March. But officials say the
budget outlook has worsened after factoring in the nation’s ongoing
economic meltdown. This year’s deficit is expected to reach $1.6
trillion, the highest on record. Despite the budget woes, the Obama
administration has rejected calls to lower US military spending, by far
the highest in the world.



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