The Congressional Budget Office sees the deficit growing to $407 billion for the year ending Sept. 30 and ballooning to $438 billion next year, with the takeover of Freddie Mac and Fannie Mae threatening to send it far higher.

Certainly the growing deficit is not going to help whoever occupies the Oval Office next time around. With unemployment at a five-year high of 6.1 percent and inflation sending the cost of food and healthcare ever higher, there are going to be more problems to deal with domestically than many had imagined just a year ago.

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