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This year's federal budget deficit nearly tripled over the past 12 months to a record $454.8 billion. Last year's barrels of red ink totaled $161.5 billion.
The previous record was set just four years ago — $413 billion.
Know what? The deficit will be even bigger next year amid the mounting costs of the financial-system bailout and the recession .
As shocking as this deficit figure is, that's still not the true scope of our budget woes because it excludes $80 billion in war costs and $227 billion borrowed from the Social Security Trust Fund.
The real budget deficit is therefore $789 billion.