Looks like Obama inherited a terrible budget deficit from the previous president … himself!
Up, up and away … The Obama out of control federal deficit continues. The budget deficit rose to $120 billion in October 2012. This is what happens when you reelection President give away. All this and Obama never during the election said how he would deal with the economy or out of control spending except to tax the rich. Maybe Obama can blame the bad situation on the previous president. Oh, that would be him wouldn’t it?
120 billion dollars!!!
The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.
The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.
Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.