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The U.S. Congressional Budget Office is projecting the country's deficit will exceed 1.3 trillion U.S. dollars this year.
Even though the figure will be 71 billion U.S. dollars less than last year's red ink, that would still leave this year's deficit as the second largest ever. To put those numbers in perspective, the shortfalls for 2009 and 2010 are each three times as big as the government's annual deficit had ever been previously.
Analysts say without significant changes in U.S. tax and spending laws, the government will struggle to dig its way out of a deep fiscal deficit hole.