The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to its fifth straight $1 trillion-plus deficit.
One war is over, another is winding down amid loud calls to cut the deficit. The military has had robust budgets for more than a decade and now is coming to grips with a new reality — fewer dollars.
President Barack Obama is predicting he'll reach agreement with lawmakers to reduce the deficit and overhaul immigration law within the first year of a second term if he's re-elected.