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Federal budget deficit hits 1.4 trillion for 2009
The Congressional Budget Office estimates the 2009 deficit at 1.4 trillion, a record surge driven by a recession shrinking tax receipts, 245 billion in bailout spending, 200 plus billion from the stimulus, and rising unemployment and food stamp costs. White House aims to offset through health care funding and spending cuts. Economic worries center on higher future interest rates and foreign buyers' appetite for Treasuries.
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