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The White House projects a $1.21T deficit for its FY12 budget in its mid-session review,...
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Friday, July 27, 2012, 2:42 PM ETThe White House projects a $1.21T deficit for its FY12 budget in its mid-session review, slightly less than then $1.33T projected in February. It's also projecting a cumulative deficit of $3.44T (3.9% of expected GDP) from FY13-FY17, and forecasts 2.3% GDP growth in FY12 and 2.7% growth in FY13, below prior forecasts of 2.7% and 3%.
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http://usdebtclock.org
Barack Obama on Tuesday, March 24th, 2009 in in a news conference.
Defending his budget at a news conference on March 24, President Barack Obama repeated his claim that his plan would cut the deficit in half in five years.
"Both under our estimates and under the CBO estimates, both the most conservative estimates out there, we drive down the deficit over the first five years of our budget," Obama said. "The deficit is cut in half. And folks aren't disputing that."
According to projections in the Obama administration's proposed budget , released at the end of February, the yearly deficit would go from $1.75 trillion in 2009 to $533 billion in 2013 and $570 billion in 2014. So obviously, by the administration's estimation, the deficit would be cut well more than half whether you measure it until the end of Obama's first term (four years), or five years out.
We are really in a pickle when the only way we can keep our economy afloat is to run extreme deficits.
they should put a copy of todays cnbc tape in a time box to open in the future; hard to fine dumber statements
the dow is blasting through 13000 and every talking head is crying for more QE
I've heard it said liberalism is a brain disease. Your comments makes me believe it is true.
"its all Bush's fault?"
just a small note - obama has increased the deficit more than all prior administrations combined; more money has been spent on war under obama than Bush including that little foray into Libya and more soldiers have died in Iraq and Afghanistan under obama than Bush; under obama we are breaking new records every day like e.g. poverty levels. food stamps, government assistance, misery index, etc
It is a waste of time pointing facts out to liberals. Their idiology blinds whatever logic cells their brains may possibly possess.
Both sides of the aisle are doing this: the reps by promising tax cuts while paying for it with debt, the dems by promising social programs while paying for it with debt.
I personally would advocate a complete reset of the federal budget: take a clean piece of paper and write on one side what you really want to have and do. On the other side write what it is going to cost. Then, you figure how to pay for it.
A little education for you------The deal Reagan and Tip Oneil put together was that taxes would be lowered in 1982 (which caused the GDP to race up to plus 9%) and spending cuts were to follow.
Oneil and the democrats then reneged on the spending cuts and screwed Reagan.
So bluntly, the democrats once again lied to the people.
History class closed.