BUDGET WOES

Deficit Swells by $181B in July

The nation’s deficit grew by $181 billion in July, bringing the grand total to a record-smashing $1.3 trillion, The Hill reports. The July figures are attributed to the cost of the "bailout of financial firms and the loss of tax revenue due to the recession." Compared to this time last year, tax revenue has dropped 17 percent. The Congressional Budget Office estimates that the deficit could balloon to $1.8 trillion by the end of the year. Senator Judd Gregg, (R-NH) criticized Democrats for pushing forward with the "wildly expensive" health-care overhaul plan instead of attempting to address the deficit.