The New Media Journal | Obama Administration Spending Rises 9% for 2010: "Basic government spending rose by 9 percent in fiscal 2010, driving the country to a $1.291 trillion deficit down $125 billion from 2009, but still the second-largest hole on record, the Congressional Budget Office said Thursday.
CBO said the 9 percent rise in spending for defense, social programs, entitlements and interest on the debt was 'somewhat faster than in recent years' a stark evaluation at a time when President Obama and Congress are working to convince voters they are pursuing a fiscally frugal course in Washington.
Still, the nearly $1.3 trillion deficit for fiscal 2010, which ended Sept. 30, is lower than prior projections, thanks in large part to expiring tax breaks, higher corporate tax receipts and the winding-down of the Troubled Asset Relief Program and payments to Fannie Mae and Freddie Mac..."
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