Deficit reaches record $1 trillion and counting

07/14/2009 | Google

With three months left to go in the budget year, the government's deficit has hit an all-time high of $1 trillion. The Congressional Budget Office predicts that by the end of the year, the deficit will be 13% of the GDP. That compares with a recent high of 6% of GDP in 1983, and 30.3% in 1943, when the nation spent a huge amount of money to fight World War II.

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