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February 2, 2010

Recession wallops U.S. budget deficit

By ALAN FRAM
Associated Press Writer

WASHINGTON — As costly as President Barack Obama's proposals to revive the economy are, they pale in comparison to the impact the recession has had on the federal budget and its astonishingly huge deficits.

Obama's new spending blueprint, released Monday, says his proposals to temporarily juice the economy would cost $282 billion over the next three years — nothing to be sneezed at. Yet the lost federal revenues and higher benefit payments the recession has forced have been far higher.


 
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