Budget Deficit Soars as Economy Limps Along

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Description: If the Congressional Budget Office (CBO) is right, the 2010 federal budget deficit of more than $1.3 trillion will hold the distinction of being the second largest in the past 65 years, at 9.1% of GDP. Only last year's deficit of 9.9% of GDP was higher, reflecting the effects of stimulus spending and the anemic economy, according to CBO's August update of the budget and economic outlook. The economic recovery will continue to be sluggish and unemployment rates will remain high before falling to 5% at the end of 2014 where they will stay until 2020, predicts CBO.
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