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The new Democratic administration has made it necessary for the federal government to borrow just under one half of every dollar it must spend this year to fund its existing obligations and all the new spending the new president and his allies in Congress approved during Obama’s first 100 days in office.
As the Associated Press explains, the FY2008 deficit will increase “by $89 billion to above $1.8 trillion—about four times the record set just last year.” Which Orszag and others want us to believe is somebody else’s fault.
