One trillion dollars.

That’s the number more and more observers say the federal budget deficit could hit next year.

The budget deficit for fiscal year 2008—which ended Sept. 30—was a record $455 billion, more than double the deficit of the year before.

Now, next year’s barrel of red ink is expected to be more than 100 percent deeper.

Why?

The economy, mostly. The bailouts. The proposed stimulus package—whatever form that eventually takes. Add in military spending and entitlements such as Medicare and Social Security. Then throw in soc...

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