US budget deficit forecast trimmed

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The administration of President Barack Obama announced on Wednesday that the latest official budget forecast, to be released next week, will show a deficit for the 2009 fiscal year of $1.58 trillion.

This is some $262 billion less than what was forecast early this year, but the public finances of the world's largest economy remain under severe stress.

Even with the trimmed deficit forecast, the fiscal shortfall for 2009 will be three times larger than that for 2008. Relative to the size of the e

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