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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