Another Record!… Obama on Track For 4th Straight Year of Trillion Dollar Deficit

Another record!
For the fourth straight year in a row the US national deficit will exceed over $1 trillion.

Trillion dollar deficits from here to eternity…

(J. Hoft Chart)

Barack Obama added $5 trillion to national debt in a little over 3 years.
A new world record.

Soon to be $6 trillion.

Barack Obama and Democrats added over one trillion dollars to the annual Federal Budget in the last 4 years.

That’s at least a 30% increase in federal spending in just 3 years.

NewsMax reported:

The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.

Through the first nine months of the budget year, the federal deficit totaled $904.2 billion, the Treasury Department reported Thursday.

President Barack Obama is almost certain to face re-election having run trillion-dollar-plus deficits in each of his first four years in office. That would likely benefit his opponent, GOP presumptive nominee Mitt Romney.

Obama and congressional Republicans remain at odds over how to lower the deficit. Unless their disagreement is broken, a series of tax increases and spending cuts could kick in next year. Economists warn that could dramatically slow an already weak U.S. economy and even tip it back into a recession.

The Congressional Budget Office predicts the deficit for the full year, which ends on Sept. 30, will total $1.17 trillion. That would be a slight improvement from the $1.3 trillion deficit recorded in 2011, but still greater than any deficit before Obama took office.

One positive sign this year is the deficit is growing more slowly than last year.

In June it was 6.8 percent behind the pace for the same period in budget year 2011. And a key reason for that is that revenues are up 5.2 percent this year, while spending is down by 0.9 percent.

It must be Bush’s fault.

Get news like this in your Facebook News Feed,
Gateway Pundit

Commenting Policy

Please adhere to our commenting policy to avoid being banned. As a privately owned website, we reserve the right to remove any comment and ban any user at any time.

Comments that contain spam, advertising, vulgarity, threats of violence, racism, anti-Semitism, or personal or abusive attacks on other users may be removed and result in a ban.

Facebook Comments

Disqus Comments

  • Pingback: Another Record!… Obama on Track For 4th Straight Year of Trillion Dollar Deficit|PolitifreakPolitifreak()

  • Patty

    OT but we must stop this runaway train and horrible path we are on!!

    Romney should heed Palin’s ‘Light Our Hair on Fire’ rally cry

    [..]Sarah Palin has bottled that formula for inspiring the conservative and independent American electorate, because she not only speaks from her heart, but Palin lights a flame underneath each person who listens. She encourages them to get up and stand up for an America that is rich with values, history and principled purpose.

    Palin speaks to the heart of an America that Americans remember, full of grandeur and bristling with vibrant spirit and tenacious ability to protect the family, and rebuild from an inner spiritual strength endowed by God.

    Mitt Romney should seriously consider using Palin’s suggested playbook and truly demonstrate from within his will to defend and protect America’s families and their future. He must jettison the image of being perceived as a candidate who is walking a politically safe tightrope to the RNC Convention and the fall campaign.

    The first step actually may have been taken at the recent NAACP National Convention in Houston, Texas, where Romney did not attempt to placate the audience. Instead, he told the audience what would truly benefit their families and their communities. A week before, he also showed a compassionate side of his spirit by having his Ohio campaign headquarters provide assistance to the thousands of families that had been battered by storms in the Columbus area, while the Obama campaign sat on the sidelines and watched.[….]

  • I’m not a racist; I don’t like Biden or Pelosi either

    OT – re: Obamacare Will Add 3.8% Medicare Tax on Sales of Homes, Condos, Townhouses and Rentals

    Someone on the list asked if this was true. Despite all the previous claims that no such tax exists, apparently it does, but the media and administration are downplaying it because “it only affects the top 2% of income earners”. More class warfare, cleverly woven (read: hidden) into that monstrosity of a health care bill that nobody bothered to read.

    Audio clip here:

  • Patty

    George Shultz: Memo to Romney — Expand the Pie

    George Shultz, the former secretary of state and Treasury says America’s current problems are large, and its power in the world is diminished. But the policies for revival are obvious with the right leadership.

    […]“It took long-term thinking,” Mr. Shultz emphasizes. “I’ll give you an example. [Reagan] knew and we all advised him you can’t have a decent economy with the kind of inflation we’ve got. . . . The political people would come in and say ‘You’ve got to be careful, Mr. President. There’s gonna be a recession [if the Federal Reserve tightens the money supply]. You’re gonna lose seats in the midterm election.’

    “And he basically said, ‘If not us who? If not now when?’ And he held a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by late ’82 early ’83, inflation was under control, the tax changes that he made were kicking in, and the economy took off. But it took a politician with an ability to take a short-term hit in order to get the long-run results that we needed.”[….]

  • Carbon Pootprint

    I can’t believe Bush is still running up this kind of debt?!?! Save us Obama!!!! Save US!!!!
    Resign you lying punk!!!

  • Robert

    That budget table includes a 7.5% rise after the so-called Tea Party candidates were elected.

  • SeniorD

    What is truly ironic is we’re able to say “not surprised”.

    Condi doesn’t want the VP slot – select Allen West.

  • Sam Stone

    Obama will be the first American President who in his term has never signed a budget so spending is not constrained by it. He never planned to sign a budget from day one.

  • Sam Stone
  • Valerie

    “One positive sign this year is the deficit is growing more slowly than last year.”

    Anybody who knows anything at all about population curves would find no comfort in that sentence.

  • Pingback: Another Record!… Obama on Track For 4th Straight Year of Trillion … | American Political Blogs Watch()

  • Pingback: Another Record!… Obama on Track For 4th Straight Year of Trillion Dollar Deficit | Liberal Whoppers()

  • Pingback: Another Record!… Obama on Track For 4th Straight Year of Trillion Dollar Deficit | Born Conservative()

  • George

    Your figure for the 2009 federal budget is wrong. Please correct this.
    The $3.1 trillion figure is what President Bush requested. The actual budget given to us by a Democratic Congress and President Obama was $3.518 trillion. They slipped in an extra $400 billion of spending.
    See what was actually enacted here:
    2009 United States federal budget

  • Pingback: Democrats Threaten to Take Country Over ‘Fiscal Cliff’ If They Can’t Raise Taxes | The Penn Ave Post()

  • Pingback: Obama On Track to Post 4th Trillion Dollar Deficit | Red Dog Report()