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WASHINGTON (AP) - The federal government's budget gap is huge — but by some measures, it's been bigger in the past.
The annual budget deficit reached $1.4 trillion in fiscal year 2009, the Obama administration said Friday, a record sum by far in dollar terms. It's the result of both a huge jump in spending and a sharp drop in tax revenue.
In effect, the federal government went on a spending binge at the same time it received a sharp pay cut.
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