Federal deficit gap tops $1 trillion through June

The federal deficit has topped $1 trillion with three months still to go in the budget year...

Obama says he loses sleep over deficit fears

President Barack Obama said on Tuesday that worrying about the U.S. government's finances "keeps me awake at night" and the country needed to start planning now to tackle soaring deficits.

In a pair of interviews on CNBC and Bloomberg television, Obama defended increasing government spending to prevent the recession from worsening, and warned the unemployment rate may hit 10 percent this year, a level not seen since 1983.

Oh hell No! - U.S. Gov't owes record $63.8 Trillion

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits..

Obama disowns deficit he helped shape...

To be sure, Obama opposed the Iraq war, a drain on federal coffers for six years before he became president. But with one major exception, he voted in support of Iraq war spending..

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