Annual Deficit Over $1 Trillion Again

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Analysts warn the federal government is on its way to another deficit of more than $1 trillion.

The Congressional Budget Office predicts the deficit will come in just under $1.2 trillion. The total national debt is now just under $16 trillion.

President Barack Obama and Republicans remain divided over how to bring the annual deficit down.

The president says he wants spending cuts along with higher taxes on high-income Americans. Republicans oppose the tax increases and want to focus on spending cuts.

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