Irwin Stelzer: American Account
$2,000,000,000,000. That’s the amount by which the Obama administration raised its 10-year estimate of the nation’s budget deficit from the $7 trillion it guessed only a few months ago, a 30% error. It seems that expenses are higher than estimated — up 24% this year, the largest increase since the height of the Korean war — and revenues are lower.
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