Obama budget projects $1.75tr deficit
China Daily | Updated: 2009-02-27 07:42
US President Barack Obama yesterday sent to Congress a budget that projects the deficit for this year will soar to $1.75 trillion, reflecting massive spending to pull the nation out of recession.
The budget overview calls for nearly $4 trillion spending in fiscal year 2010 beginning Oct 1, and leaves open the possibility that Obama will need an additional $750 billion in bailout money.
The budget also sets aside a $634-billion "reserve fund" as a down payment to cover roughly two-thirds of the anticipated 10-year cost of universal health care coverage - projected at $1 trillion.
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