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"The speed with which the fiscal situation has deteriorated has been breathtaking. Just one year ago, in the Mid-Session Review of the last budget of the Bush Administration, the federal budget was expected to move from deficit to surplus in 2012 with debt equaling 36% of GDP. Today, the deficit is expected to be almost $800 billion in 2012 with the debt at over 71% of GDP and rising."
-JP Morgan Market Bulletin, 8 Sep 09
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