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    Also stated $1.35 trillion.

    In its annual report, the Congressional Budget Office pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight improvement from the $1.38 trillion estimate in August, but essentially unchanged from the fiscal 2009 level that set a post-World War II record.

    The CBO said the government will run an aggregate deficit of almost $6 trillion during the next decade, a level that many economists worry is unsustainable in the long run, and could lead to a currency shock, inflation, crippling interest rates or other economic maladies.

    At the end of 2009, debt held by the public exceeded $7.5 trillion, or about 53% of GDP, the CBO noted in its report. By the end of 2020, “debt is projected to climb to $15 trillion, or 67% of GDP,” Mr. Elmendorf said on his blog post. “With such a large increase in debt, plus an expected increase in interest rates as the economic recovery strengthens, interest payments on the debt are poised to skyrocket.”

    Read all about it at

    http://online.wsj.com/article/SB10001424052748703906204575026942464525862.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond” onclick=”window.open(this.href);return false

    Prep on, friends.

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