Obama to inherit $1.2 trillion deficit from Bush

[ck4829]

The provisional US budget deficit in 2008/2009 will balloon to a record 1.2 trillion dollars, the Congressional Budget Office said on Wednesday.

The deficit for the fiscal year 2007/2008 which ended in September reached 438 billion dollars, or 3.1 percent of the nation's gross domestic product, the office said in a report.

President-elect Barack Obama on Tuesday reluctantly acknowledged that he would likely inherit an economy on course for a trillion dollar deficit as he takes office.

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