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
- China's leader is telling the People's Liberation Army to prepare for war
- How to save money: 12 great personal finance tips
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
- 43 TV shows to watch in 2014
- The best books we read in 2014
- How I lost all my money
- Why Pakistan won't hunt down the terrorists within its borders
- The religious right isn't retreating — it's reforming
- How academia's liberal bias is killing social science
- How to be the most productive person in your office — and still get home by 5:30 p.m.
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