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Economics

Obama Advisers Project $1.2 Trillion Deficit for 2012

The Obama administration forecast the federal budget deficit will be $1.21 trillion this year, down from $1.33 trillion projected in February, as gridlock in Congress slows government spending.

The national unemployment rate will average 8 percent for the year, the president’s Office of Management and Budget said in an annual update of its budget projections. The updated figures were released yesterday amid a presidential election campaign in which the economy is the dominant issue.