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Treasury Sees 2010 Deficit at Nearly 10% of U.S. GDP

The U.S. budget deficit for the 2010 fiscal year ended Sept. 30 is likely to be close to 10 percent of gross domestic product, or almost as large as the previous year’s shortfall, a Treasury official said.

“We expect this year’s deficit to be a similar or slightly lower percentage of GDP,” said Mary Miller, assistant secretary for financial markets, in remarks prepared for a conference in New York. She said the economy is unlikely to sink back into a recession, although the recovery will take time.