US deficit to soar to $1.6tn

The federal deficit will soar to nearly $1.6 trillion this year, miring the nation in the deepest pool of red ink since the end of World War II, the nonpartisan Congressional Budget Office and the White House reported Tuesday.

The White House’s Office of Management and Budget this morning projected a staggering $9 trillion dollar deficit from 2010-2019, far higher than it has previously forecast.

The gap between spending and tax collections will amount to 11.2 percent of the overall economy, more than tripling last year’s deficit of $459 billion.

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