The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending huge amounts to stabilize the financial system and jump-start the economy.How's that hope and change working out?
The imbalance for the budget year ended Sept. 30 more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade without corrective action.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to data released yesterday.
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