Eye On Freedom – Keeping a watchful eye on the preservation of our liberty at home and freedom around the world

President Barack Obama’s budget office forecast this year’s federal deficit will be a record $1.47 trillion, about $84 billion less than forecast in February because of lower spending for unemployment and some government programs.

The administration predicted in its mid-session review that the deficit for the 2011 spending year, which begins Oct. 1, will be $1.42 trillion, $150 billion more than estimated at the beginning of this year, mostly because of lagging tax receipts.

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