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July 28, 2008

New record deficit projected for next year

Next year’s budget deficit is projected to reach $490 billion. That’s nearly half a trillion dollars added to the national debt in just one year. It’s also a new record, eclipsing the previous one-year record of $413 billion set in 2004. Meanwhile . . .

Congress just keeps spending and spending and spending, and our supposedly conservative President just keeps signing spending bills. Is it any wonder the markets show a lack of confidence in the future of the dollar? Downsize DC anyone?

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