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CBO report shows debt bomb continues to tick

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In February 2009, a month after President Obama took office, he released his first budget, titled “A New Era of Responsibility” that projected a federal deficit of $533 billion in 2013. Today, the Congressional Budget Office estimated this year’s deficit would be $845 billion. Yet this is being treated as good news, because it’s the first time since 2008 that the annual deficit is lower than $1...

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