White House confirms: Annual deficit now $1.4 trillion

The political lines are being drawn.

Republicans cited record deficits as another reason to oppose Obama’s health care plan and other big projects. “No more spending money we don’t have,” said Senate Minority Leader Mitch McConnell, R-Ky.

Rep. John Spratt, D-S.C., countered that, “today’s figures are a result of the policies of the Bush Administration, along with the cost of actions needed to address the recession and prevent even deeper economic problems.”

A year ago, as the financial crisis hit and the Bush administration prepared massive bailout plans, the deficit was $455 billion.

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