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Looking to stake some ground just weeks before the mid-term election, President Barack Obama, in a speech last week at Northwestern University, dismissed concerns about budget deficits, claiming that ObamaCare is keeping down healthcare costs.
Today the White House raised its budget deficit forecast for this fiscal year ending Sept. 30 by $89 billion and forecasts an additional $87 billion deficit in 2010 over previous estimates. The new 2009 deficit number weighs in at $1.84 trillion--the largest in American history. The deficit alone amounts to about 12.9 percent of our economic output this year.