While Jack Lew, former K Street lobbyist and President Obama’s nominee for Treasury Secretary, says that the budgets submitted the White House will get the the country to the point where Washington “can look the American people in the eye and say we’re not adding to the debt anymore; we’re spending money that we have each year”; the Congressional Budget Office recently noted that the budget deficit for the first quarter of the FY 2013 fiscal year is still running deeply in the red:
The federal government ran up a $293 billion deficit in the first quarter of fiscal 2013, which ended Dec. 31, the nonpartisan Congressional Budget Office estimated Tuesday. The government’s fiscal year starts on Oct. 1st.
At this pace, the deficit would be on pace to top $1 trillion for the fifth-straight year in 2013. All the trillion-dollar deficits have taken place under President Obama.
By the White House’s own estimate, the New Year’s Eve tax deal with Congress will only reduce the deficit by $4 billion this year, once increased spending such as on unemployment benefits is taken into account.
In 2011, the White House estimated that the budget deficit for this year would be $768 billion. We’re already 38% of the way to that and we’re barely out of the first quarter of the year. Oh, and there still hasn’t been anything in the way of substantive spending cuts, since the sequester was “postponed,” to help bring down the deficit.