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2012 Another Year With Deficit Over One Trillion Dollars
Originally published on LonelyConservative.com
So much for President Obama’s pledge to cut the deficit. The CBO’s latest report shows that in fiscal year 2012 the federal government had a deficit of $1.1 trillion.
The Congressional Budget Office on Friday reported that the federal government ran a $1.1 trillion deficit in fiscal year 2012, making it official that President Obama broke his promise to cut the deficit in half within his first term in office.
On Feb. 23, 2009 (a month into his presidency) Obama convened a “fiscal responsibility summit” in the White House, and declared, “[T]oday, I’m pledging to cut the deficit we inherited in half by the end of my first term in office. Now, this will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”
Two weeks before Obama was sworn into office — the CBO released projections for the upcoming decade that took into account all of President Bush’s decisions as well as the ongoing collapse of the U.S. economy. At the time, the CBO projected deficits of $1.186 trillion in 2009. This is the deficit Obama can reasonably claim he inherited. (Read More)
Yeah, he inherited it from the Democrats who controlled Congress at the time, himself included. They didn’t pass a budget because Bush would have vetoed it, so they passed continuing resolutions until Obama took office and made that deficit official. Four years later the national debt is over $16 trillion.
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2012-10-06 16:43:23
Source: http://lonelyconservative.com/2012/10/2012-another-year-with-deficit-over-one-trillion-dollars/
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