Barack Obama Administration Announces Second Year of $1.3 Trillion Deficit

Welcome to Obamaville … Hey America, how’s that“hopey, changey” stuff working out for you?

Thank you Barack Hussein Obama and the Obama economy … Obama Administration announces second year of $1.3 trillion deficit. Add that to the 9.7% unemployment, record number of people on food stamps, housing foreclosures over 100,000. Is it any wonder why Obama’s Presidential polling index is starting to tank again and Democrats find themselves in dire straits of losing the House Senate and majority of Governors.

$1.3 trillion …bahahahahaha …

The Obama administration announced Friday it has exceeded the $1 trillion mark in the federal deficit — predicted by Congress’ research arm last week as $1.29 trillion — for the second straight year as it projects an even larger gap between revenues and spending for fiscal year 2011.

That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as the economy slowly pulled out of recession.

The eye-popping deficit figures provide Republican critics of President Obama’s fiscal stewardship with fresh ammunition less than three weeks ahead of the midterm congressional elections. The deficit was $122 billion less than last year, a modest improvement.

The Congressional Budget Office last week announced the deficit for the 2010 budget year that ended Sept. 30 was $1.29 trillion. That’s down by $125 billion from the $1.4 trillion in 2009 — the highest deficit on record. It attributed money recovered from the Troubled Asset Relief Program for the decrease.

But wait, the Obama Administration and Democrats finally have something they can run on, they have set a record … 2 years in a row of over a trillion dollar deficit (check out the graph that the MSM refuses to print). To get a historical sense of what the budgets used to look like, go to Heritage Foundation.