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WASHINGTON — Congressional analysts say the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year, which ended last week.
The red ink flows from several factors, including a drop in tax revenues due to the recession, $245 billion in spending on the Wall Street bailout and the takeover of Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama’s economic stimulus bill.
The previous record deficit was $459 billion and was set just last year.
