WASHINGTON (AP) - The Obama administration says the federal
deficit hit a near-record $1.3 trillion for the just-completed
That means the government had to borrow 37 cents out of every
dollar it spent as tax revenues continued to lag while spending on
food stamps and unemployment benefits went up as the economy slowly
pulled out of recession.
The eye-popping deficit figures provide Republican critics of
President Barack Obama's fiscal stewardship with fresh ammunition
less than three weeks ahead of the midterm congressional elections.
The deficit was $122 billion less than last year, a modest