“We simply cannot continue to spend as if deficits don’t have consequences,” Obama said in unveiling a budget with a record $1.6 trillion deficit this year that will be the highest as a share of GDP since World War II. He warned against treating taxpayer dollars as “monopoly money,” even as he proposes a budget of $3.8 trillion, and against ignoring the challenge of the debt “for another generation,” even with a $1 trillion deficit projected at the decade’s end.
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