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.