Federal Budget Deficit Sets New April Record

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The federal budget deficit has set another record high.

The deficit hit nearly $83 billion last month which is a record for the month of April. And it was far above last year's deficit of $20 billion.

Despite the larger-than-expected deficit we believe the overall budget picture is improving along with the strengthening economy," economists at Nomura Global Economics said in a research note.

The Obama administration forecasts that this year's total deficit will be more than $1.5 trillion. That's also an all-time high, breaking last year's record of $1.4 trillion.

Federal spending and debt are expected to be major issues in this year's congressional elections.

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