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Monday, December 27, 2010

Real 2010 Deficit: $2.1 Trillion

Up until 2009, a $1 trillion budget deficit was unheard of. Keep in mind that 2007 produced a deficit of roughly 1.2% of GDP. TaxProf points out that after taking into account long-term commitments, the 2010 deficit is actually closer to $2.1 trillion.