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Article updated: 2/6/2013 7:40 AM

CBO: Budget deficit estimated at $845 billion

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Congressional Budget Office Director Douglas Elmendorf, speaking Tuesday in Washington, said the federal budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office.

ASSOCIATED PRESS

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The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office, a new report said Tuesday. The Congressional Budget Office analysis said the government will run a $845 billion deficit this year, a modest improvement compared to last year's $1.1 trillion shortfall but still enough red ink to require the government to borrow 24 cents of every dollar it spends.
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