In financial news, the Obama administration is predicting a $9 trillion deficit over the next ten years. The figure is nearly $2 trillion more than what the White House projected in March. But officials say the budget outlook has worsened after factoring in the nation’s ongoing economic meltdown. This year’s deficit is expected to reach $1.6 trillion, the highest on record. Despite the budget woes, the Obama administration has rejected calls to lower US military spending, by far the highest in the world.