EPIC FAIL!… Obama Deficit Expected to Reach Record $1.48 Trillion

Barack Obama increased government spending by 84% .
He tripled the national deficit in one year. Last year the deficit was $1.29 Trillion dollars.

(The Captain’s Comments)

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?

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

You can email Jim Hoft here, and read more of Jim Hoft's articles here.

 

Thanks for sharing!