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If Dubya gets his way, the U.S. will spend over $3 trillion in a single year for the first time ever. Trouble is, revenues will fall at least $400 billion short. Such a deficit would represent 2.9% of GDP, well above the 40-year average of 2.4%. That's OK, we'll just keep borrowing from the Chinese.
Monday, February 4, 2008
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