Federal deficit to reach $1 trillion for fifth straight year

From Washington Times:

The federal government will flirt with its fifth-straight trillion-dollar deficit next year and is still on track to notch $25 billion in debt within a decade, the Obama administration predicted on Friday as it released an update of the country’s fiscal picture.

Spending in 2012 is actually running at a slower pace than the White House predicted in February, but will still reach $1.2 trillion — a fourth straight year. And the deficit for 2013 is now projected to be $991 billion, which is nearly 10 percent deeper than President Obama predicted in February when he sent his budget to Congress.

In a report, the White House said the deeper deficits next year are because taxes are running lower than expected and because some of the president’s stimulus payments have been pushed off until 2013.

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