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The government has run up annual deficits in excess of $1 trillion over the past four years. But the Congressional Budget Office this week estimated that this year's deficit will drop to $643 billion. Its estimate reflects increased revenue from an improving economy and the effect of tax increases that took effect in January. Even if the CBO's estimate proves accurate, this year's deficit would be the fifth-largest ever. Republicans want to reduce future deficits by cutting back sharply on spending. Democrats have proposed a mix of spending cuts and tax increases, which Republicans oppose. The dispute has led to the current budget impasse.
[Associated
Press;
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