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A House-Senate conference committee met on Wednesday for the first time since the shutdown. They are hoping to reach a deal that would remove the threat of another shutdown and ease fears of a debt default. The Obama administration stressed in announcing the 2013 results that the government is succeeding in reducing the deficit from the record levels that had been hit. "It is now less than half of what it was when the president took office," Treasury Secretary Jacob Lew said in a statement. The $680.3 billion deficit for the just-completed budget year represents 4.1 percent of the total economy, down from 6.8 percent last year. In dollar terms and not adjusted for inflation, the deficit is still the fifth-largest in history. It was exceeded only by four straight deficits above $1 trillion. The record deficit was $1.4 trillion set in 2009, Obama's first year in office.
[Associated
Press;
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