Deficit predicted to reach $477 billion

The Congressional Budget Office said the federal deficit will rise to $477 billion this year and the overall debt could double if the president is able to make his tax cuts permanent. While the $477 billion would be an all-time high in dollar terms, measured against the economy, it is smaller than deficits from some previous administrations. Despite projections of economic growth, spending in Iraq and Afghanistan and the $400 billion Medicare contributed to the growing deficit.

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