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The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.
The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.
The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.