Deficit to Exceed $1 Trillion for Fourth Straight Year

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The U.S. budget deficit remains on track to exceed $1 trillion for the fourth straight year, according to the Treasury Department.

The massive government overspending is sure to be a hot topic on the campaign trail this election season.

In each of his four years in office, President Barack Obama has run up trillion-dollar-plus deficits, a fact that will likely help his rival, GOP presumptive nominee Mitt Romney.

Through just the first nine months of this budget year, the deficit has totaled $904.2 billion.

The Congressional Budget Office said that by the end of the budget year on Sept. 30, the deficit will be at $1.17 trillion. That amount is greater than any deficit before Obama took office.

In June alone, nearly $60 billion was added to the budget deficit.

Meanwhile, the president has called for cutting down the deficit by raising taxes on Americans earning more than $250,000.

But Republicans have rejected tax increases. They want more cuts in government programs. For example, Romney wants to reduce the federal work force by 10 percent.

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