CBO: 2012 budget deficit comes in at $1.1 trillion
It’s official, folks. As if we needed a reminder that the river of red ink is still flowing from Washington, the Congressional Budget Office reported this week that the estimated budget deficit for the 2012 fiscal year will top $1.1 trillion:
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 2012 deficit was 7 percent of the size of the economy, an unsustainably high level. The figure is lower than the first three years of Obama’s presidency, but higher than any other year since 1947.
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.
Despite promises that Americans would see a net-spending cut under his administration, the national debt has grown by more than $5.5 trillion since President Barack Obama took office. This is the same person who called George W. Bush “unpatriotic” for running up the national debt by $4 trillion during his presidency.
There is no question that Bush was a big spender who crew government substantially during his two terms, but Obama hasn’t done anything to bring spending back to sustainable levels. In fact, it was quite the opposite. Shortly after taking office, President Obama went back on his promise of a net-spending cut, telling Americans that they could expect trillion-dollar budget deficits as far as the eye can see. Instead, he claimed that more spending was needed to get the economy moving again. But nearly four years later, we can say that his economic policies have been a failure.
The national debt is now at $16.1 trillion. It’s expected to hit $25 trillion in the next 10 years, which is an optimistic estimate. With this threat to our prosperity before us, President Obama now tells us not to worry about deficits and the national debt.
Do you need any more proof that President Obama is living on another planet when it comes to the economic issues facing our country?