By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer
WASHINGTON — The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.
The wars? Money for the war effort wasn't a big issue 6 months ago so let's not try to blame Bush again. OK?