May budget deficit up from last year
Not only is President Barack Obama dealing with his recent comments about the private-sector and slowing job growth, more bad news came down yesterday. Sadly, Reuters reported yesterday that the monthly budget deficit for May — $125 billion — was up from the previous year (emphasis mine):
The U.S. government posted a budget deficit of $125 billion in May, more than twice the level registered in the same month last year.
So far this fiscal year, the budget deficit stands at $844.5 billion, narrower than at the same time a year ago.
Under the government’s accounting system, October is the opening month of fiscal 2012. During fiscal 2011 which ended Sept. 30, the budget deficit totaled $1.296 trillion.
Remember that Obama said during his 2008 campaign against Sen. John McCain (R-AZ) that he would deliver a “net-spending cut” during his first term. Here we are now more than three years into his presidency and the national debt has increased by $5 trillion. When George W. Bush ran up spending by $4 trillion over eight years, then-Sen. Obama slammed his “unpatriotic” spending from the Senate floor.
There is not denying that Bush was a spend-thrift, which is why I shdder when Republicans say they “miss” him. However, Obama almost makes his predecessor look reasonable by comparison.