The federal pension insurance program, already struggling with the biggest deficit in its history, said today that the situation had worsened further still, with the old record deficit doubling over the last fiscal year, to $23.3 billion.
Much of the past fiscal year's big losses were the result of pension failures in the airline industry. United Airlines recently announced that it would terminate all four of its pension plans as part of its efforts to cut costs and emerge from bankruptcy. Taking over United's pensions alone will cost the agency an estimated $6.3 billion.
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