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
- After Ferguson: Stop deferring to the cops
- 43 TV shows to watch in 2014
- Ferguson riots were terrible — but this racist reaction was worse
- Is it now OK to have sex with animals?
- 7 grammar rules you really should pay attention to
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Don't argue about politics this Thanksgiving. Just don't.
- The hilarious hypocrisy of Republicans complaining about the imperial presidency
- Alien conspiracy theorists think the government is on the verge of spilling big secrets
- Hey, scolds: Stop telling us to enjoy a healthy Thanksgiving
Subscribe to the Week