By Feb 26, 2009, 1:35 PM 

President Obama projected Thursday a massive $1.75 trillion deficit for the 2009 fiscal year that is equal to 12.3% of U.S. GDP ; the largest share since 1945. In 2010, the deficit would dip to $1.17 trillion, but Obama promised to arrest the bleeding within a few years through a combination of tax increases and spending cuts.

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