The federal budget deficit reached a record $1.42 trillion for the year ended Sept. 30, swelling to three times the size of last year's record amount. The Obama administration, which released the data Friday, projects that deficits will total $9.1 trillion over the next decade unless action is taken. "It was critical that we acted to bring the economy back from the brink earlier this year," White House budget director Peter Orszag said in a statement. "The president recognizes that we need to put the nation back on a fiscally sustainable path."

Related Summaries