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WASHINGTON — The government is on track to record the second-highest budget deficit of all time with one month left in the fiscal year.
The Treasury Department said that through August, the deficit totaled $1.26 trillion. That’s down 8.1 percent from the same period in 2009, when the government recorded a record $1.4 trillion deficit. But it is on pace to total $1.3 trillion — the second-largest deficit on record.
Soaring deficits have become a major issue with voters heading into the elections. Republicans have highlighted the deficits to illustrate how government spending is on the rise under Democrats. The Associated Press
