EPIC FAIL!… Obama Deficit Expected to Reach Record $1.48 Trillion
And, things aren’t looking any better this year…
Analysts are projecting the federal deficit will reach a record $1.48 Trillion this year.The Wall Street Journal reported:
The federal government’s budget deficit is expected to grow about 14% to $1.48 trillion by the end of the current fiscal year, an increase largely resulting from the extension of lower tax rates, the Congressional Budget Office said Wednesday.
The deficit was roughly $1.3 trillion in fiscal 2010, which ended on Sept. 30.
The CBO said two weeks ago that the budget deficit had reached $371 billion through the first three months of fiscal 2011.
In fiscal 2012, which begins on Oct. 1, the CBO expects the deficit to drop to $1.1 trillion, still big by long-term historical standards.
The CBO, an agency that reviews congressional budgets and legislative initiatives with budgetary implications, said that as a share of U.S. gross domestic product, the deficit will jump from 8.9% in fiscal 2010 to 9.8% in fiscal 2011 before declining to 7.0% in fiscal 2012.
Can we all finally agree now that the democrat’s economic plans were a complete disaster?