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Budget deficit will drop to $583 billion

The White House said Friday that the federal government’s budget deficit will drop to $583 billion this year, the lowest level of President Barack Obama’s tenure. Last year’s deficit was $680 billion. The latest update from the White House budge office is also $66 billion less than the administration predicted earlier this year when releasing the president’s budget. Obama presided over trillion-dollar-plus deficits during his first term as the economy struggled to recover from a bad recession and financial crisis…Read More


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