Federal Deficit Hits Near Record Low

By Scott Sarvay

October 15, 2010 Updated Oct 15, 2010 at 5:21 PM EDT

WASHINGTON (Indiana's NewsCenter) - The federal deficit hit a near record $1.3 trillion, for the just completed budget year.

That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as the economy slowly pulled out of recession.

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