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U.S. deficit to top $1 trillion, smallest since 2009

Posted: 1/31/2012 | Views: 181
The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Jan. 31. The $1.1 trillion deficit is the smallest deficit figure — both in nominal terms and as a percentage of the economy — since the Great Recession hit in 2009. 

The CBO said that allowing the George W. Bush tax cuts to expire on schedule in January and making deep cuts to the Pentagon and other agency budgets would shrink future deficits and begin to tame the national debt.

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Source: The Washington Post

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