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CBO forecasts deficit under $1 trillion for first time in 5 years
The Congressional Budget Office says it expects the federal deficit for fiscal 2013 to come in at $845 billion, which would be the first time in five years that the shortfall is less than $1 trillion. The economy will expand 1.4% this year, rather than contracting 0.5% as previously predicted, the CBO says. At the end of 2013, unemployment will be 8%, the office predicts.
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