Dollar Falls, Federal Deficit to Hit $1.6 Trillion

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The federal deficit is expected to hit a record $1.6 trillion in this year.
The Senate must also approve a measure raising the limit for the total national debt to $12 trillion.
One of the main concerns about the health care plan is its cost, which is estimated at least $1 trillion over ten years.

The government's heavy spending has caused the dollar to fall in value on international markets.

A United Nations panel's report says the dollar should be replaced as the main currency used for international commerce.

"The dominance of the dollar as the main means of international payments has played an important role in the build-up of the global imbalances in the run-up to the financial crisis," the United Nations report said.

"Another disadvantage of the current international reserve system is that it imposes a greater adjustment burden on deficit countries (except if it is a country issuing a reserve currency) than on surplus countries," the report added.

Source: Raw Story

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