UNITED STATES - Congressional estimates are projecting an unparalleled budget deficit of $1.2 trillion for the 2009 budget year and a $703 billion deficit for 2010, mostly due to the war in Iraq and Afghanistan and low tax revenues caused by the tax cuts of George W. Bush.The dismal figures come a day after President-elect Barack Obama warned of trillion-dollar deficits for years to come.
These figures don't account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. Obama officials say the stimulus measure will blend tax cuts with big new spending programs and could cost up to $775 billion over the next few years.
To fix this Obama will need to cut military spending over the long term and shift that money to economic stimuli to boost the American economy.
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