The federal budget deficit topped $1 trillion — it was $1.089 trillion, to be exact — for the fourth year in a row, "highlighting the severe fiscal challenges President Obama or Republican challenger Mitt Romney will face during the next four-year term in the White House." (The deficit is actually down from $1.297 trillion last year, the U.S. Treasury said.) Romney says he would tackle the problem with "revenue-neutral" changes to the tax code and spending cuts that he believes will spur growth. Obama wants a mix of tax increases and spending cuts.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
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- Fall movie guide: All the films you should see in September
- Scottish independence is another financial crisis waiting to happen
- 10 things you need to know today: September 1, 2014
- 7 things the world's happiest people do every day
- Why the West should let Russia have eastern Ukraine
- 11 scientific studies that will restore your faith in humanity
- These real-life Rosie the Riveters changed the face of labor
- The next pandemic
- The 10 best networking tips for people who hate networking
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