Fox News
A new budget report released Tuesday predicts the U.S. government will run a $1.1 trillion deficit in the fiscal year that ends in September, the fourth year in a row over $1 trillion, though a slight dip from last year.
The new figures also show that last summer's budget and debt pact has barely made a dent in the government's fiscal woes.
The pact imposed $2.1 trillion in spending cuts over 10 years, but lawmakers are already talking about easing across-the-board spending cuts required under the agreement.
To top it off, another politically toxic increase in the debt limit will be needed at some point shortly after the November elections.
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