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The government is on pace to run a record $1.5 trillion deficit this year, the third consecutive deficit exceeding $1 trillion.
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Obama and congressional Republicans are sparring over how to reduce the nation's red ink. If Congress refuses to raise the nation's debt limit this spring, and the U.S. Treasury lost authority to borrow additional money, the government would not be able to pay its bills and would default on its debt.
Both sides have proposed cutting $4 trillion from future deficits over the next 10 to 12 years.
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