Just in time for the mid-term campaigns, the Congressiona Budget Office reports today, that the federal budget deficit this year will exceed $1.3 Trillion Dollars.
Measured as a share of the total economy the federal budget deficit is 9.1% of Gross Domestic Product, the second largest budget shortfall in 65 years.
In 2009 the federal budget deficit was a record high of $1.4 Trillion Dollars or 9.9% of GDP
CBO forecasts projected deficits totaling $6.2 Trillion for a decade starting in 2011
Remember when Obama campaigned on the pledge to restore fiscal discipline instead the Democrat-Socialists who control Congress along with Obama have blown up the deficit which ran about 3% during George Bush’s last year as President.
During Obama’s Watch—Unsustainable Federal Budget Deficit Government Debt held by the public has gone up from 40% of GDP during Bush’s last year as President to 63% of GDP today and is anticipated to be 90% of GDP by 2020
Related Post: The ObamaCare Disaster—American Spectator
[…] year on the 19 August, I wrote here that in 2010 the federal budget deficit would top $1.3 Trillion in 2009 the federal budget deficit […]