By MATTHEW JAFFE
(ABCNews.com)
The federal deficit soared to a record $1.42 trillion at the end of the 2009 fiscal year, the Obama administration announced today, blaming the shortfall on the Bush administration.

The federal deficit soared to a record $1.417 trillion at the end of the 2009 fiscal year, the Obama administration announced today, blaming the shortfall on their predecessors, the Bush administration.

"The FY2009 deficit was largely the product of the spending and tax policies inherited from the previous administration, exacerbated by a severe recession and financial crisis that were underway as the current administration took office," the Treasury Department and Office of Management and Budget said in a statement.

The Obama administration stated that their economic rescue and recovery efforts accounted for only 24 percent of the total deficit.

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