June 12, 2003 02:37 PM | | Bookmark and Share

The latest budget projections from the Congressional Budget Office indicate that one out of every three dollars the federal government spends this year outside of the self-funded Social Security system will be paid for by borrowing. This will be the highest share of deficit-financed spending since World War II.

According to the CBO figures, the on-budget deficit in fiscal 2003 is likely to exceed $570 billion, meaning that 32 percent of non-Social Security spending will be financed with borrowed money this year.

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