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White House - Source: ONE News
The White House has announced a federal budget deficit of a jaw-dropping magnitude - $US1.6 trillion ($NZ2.3 trillion).
This year's deficit is more than triple last year's of $US455 billion.
Soaring healthcare costs have been blamed for the grim deficit, and two government reports on Tuesday said could push the national debt to $US20 trillion in the next 10 years.
Republicans say the huge deficit means the country cannot afford the Obama administration's plan to overhaul the $US1 trillion health care system.
However, there is some positive news for the US economy with new figures showing US house prices rose in the last quarter for the first time in three years.
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