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Spending cuts not expected to dent $1.5T deficit

WASHINGTON — The $38 billion in spending cuts agreed to last week won’t prevent this year’s budget deficit from setting another record high, estimated at $1.5 trillion.

The Treasury Department is reporting that the deficit already totals $829.4 billion through the first six months of the budget year — a figure that until 2009 would have been the biggest ever for an entire year.

Most of the agreed-to spending cuts either affect only future budgets or amount to accounting gimmicks that won’t reduce actual spending.