Obamanomics: Barack Obama … 4 Straight Years of Trillion Dollar Deficits … CBO Says $1.1Trillion for 2012

How’s that Obama “Hopey-Changey” cutting in half of the federal deficit working out for you?

President Barack Obama has set yet another record … four straight yeas of trillion dollar deficits. The CBO says that the federal deficit was $1.1 trillion for 2012.  Remember the 2008 candidate Barack Obama campaign promise when Obama stated he would cut the federal deficit in half in four years? How’s that working out for you America?Good grief, which showed that the the Obama government borrowed 31 cents for every dollar it spent.

A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama’s watch.

The result was a slight improvement from the 2011 deficit of $1.3 trillion.

The bleak figures from the Congressional Budget Office, while expected, add fodder for the heated presidential campaign, in which Obama’s handling of the economy and the budget is a main topic. Friday’s release came as the government announced that the unemployment rate dropped to 7.8 percent last month, matching the rate when Obama took office.

The administration will release the official deficit numbers around mid-October, but they should line up closely with the CBO estimate, which showed that the government borrowed 31 cents for every dollar it spent.

2 Responses to “Obamanomics: Barack Obama … 4 Straight Years of Trillion Dollar Deficits … CBO Says $1.1Trillion for 2012”

1. RK on October 6th, 2012 12:38 am

   RE: “the 2008 candidate Barack Obama campaign promise” to cut the deficit . . .

   Are you saying that Obama promised this before or after the obvious financial downfall was recognized when the first Wall St. firm collapsed?

   Doesn’t it matter when the campaign pledge was made? That would seem to be significant when looking at the history of those times.
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   SM: More excuses … maybe it was the high altitude that caused Obama to fail on his pledge or maybe it was racism. If he actually made an attempt to reduce the deficit would have been nice, then again I guess anyone expecting Obama to actually fulfill his pledges are racists, right/

   CBO makes it official — Obama broke deficit pledge

   http://washingtonexaminer.com/cbo-makes-it-offficial-obama-broke-deficit-pledge/article/2509965

   The Congressional Budget Office on Friday reported that the federal government ran a $1.1 trillion deficit in fiscal year 2012, making it official that President Obama broke his promise to cut the deficit in half within his first term in office.

   On Feb. 23, 2009 (a month into his presidency) Obama convened a “fiscal responsibility summit” in the White House, and declared, “[T]oday, I’m pledging to cut the deficit we inherited in half by the end of my first term in office. Now, this will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”

   Two weeks before Obama was sworn into office — the CBO released projections for the upcoming decade that took into account all of President Bush’s decisions as well as the ongoing collapse of the U.S. economy. At the time, the CBO projected deficits of $1.186 trillion in 2009. This is the deficit Obama can reasonably claim he inherited.

   Reducing the deficit by 50 percent by the end of his first term would have brought the fiscal 2012 deficit to $593 billion. Instead, the CBO reported today that it was $1.090 trillion, or 8 percent less than the one he inherited. The Obama administration ran deficits of over $1 trillion for each of his years in office, for a total of about $5.1 trillion.

2. Former Independent Presidential Candidate H. Ross Perot Endorses Mitt Romney … “the nation can’t afford four more years of President Obama” | Scared Monkeys on October 16th, 2012 8:30 am

   [...] of federal deficits and federal debt. In the last four years during Obama’s presidency, he’s added around $5 trillion to our national debt, more than any previous [...]

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