US deficit hits $1.4 trillion, largest hike since WWII

The US budget deficit spiked to $1.4 trillion in the fiscal year 2009, the biggest hike since the World War II, says a Congressional Budget Office report.

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“The 2009 deficit was equal to 9.9 percent of gross domestic product (GDP), up from 3.2 percent in 2008, and was the highest shortfall – relative to the size of the economy – since 1945,” the CBO said in a statement on Wednesday, according to the Business Standard.

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