CBO: FY2010 had second highest deficit since WWII
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Today, the Congressional Budget Office (CBO) announced its preliminary estimates for spending and tax revenues in the month of September. Because September was the last month in the 2010 fiscal year, we now have a good idea of what total spending in 2010 looked like. According to the CBO’s release today: “The 2010 deficit was the second-highest shortfall—and 2009 the highest—since 1945, relative to the size of the economy.” It was also the second highest year for spending, which totaled $3.543 trillion.