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
- If Democrats abandon immigration reform after Tuesday's likely loss, they will turn 2016 into a debacle
- 43 TV shows to watch in 2014
- Beware of Splenda: The backlash against artificial sugars
- Stop making fun of philosophy and read some philosophy
- 6 things the happiest families all have in common
- Sorry, we will not all be having sex with robots in the future
- The culture war finally comes to the Catholic Church
- How to live a long life, according to science
- How the South's ugly racial history is haunting ObamaCare
- How to be the most productive person in your office — and still get home by 5:30 p.m.
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