"The alarm bells on our nation's fiscal condition have now become a siren"-Senate Republican minority leader Mitch McConnell
The US budget deficit will soar to almost $1.6 trillion (£978bn) this year, the highest on record, both the White House and Congress have warned.
Fuelled by President Obama's $787bn stimulus package and reduced tax revenues due to the recession, it compares with a $455bn deficit in 2008.
The White House says the deficit will grow further, predicting it will hit a cumulative $9tn from 2010-2019.
Fuelled by President Obama's $787bn stimulus package and reduced tax revenues due to the recession, it compares with a $455bn deficit in 2008.
The White House says the deficit will grow further, predicting it will hit a cumulative $9tn from 2010-2019.
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