Deficit Exceeds $1 Trillion For Fourth Straight Year

By Hans Bader

The federal budget deficit ”for the just-completed 2012 budget year” is around “$1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama’s watch,” notes the Associated Press. In 2011, the deficit was $1.3 trillion. The budget deficit has gotten so big that it is now larger in some months than it used to be in entire years. “The Obama Administration” ran “up the largest” monthly “budget deficit in American history in February of 2010, a whopping total of $220.9 Billion in just one month. February 2010’s unprecedented total is more than most year-long budget deficits in American history, including 2007’s year-long total of $161 Billion.”  In the 2008 campaign, Obama promised a “net spending cut,” but as soon as he was elected, he proposed massive spending increases.  In 2010, The Washington Post described the vast…To Read More…..