Wednesday, October 30, 2013

Federal Budget Deficit Drops Below $1 TRILLION for the First Time During the Obama Presidency

The U.S. federal budget deficit dropped below the $1 TRILLION mark for the first time during the Obama Presidency.  Many politicians, including Senate Majority Leader Harry Reid, were quick to herald this "incredible accomplishment."  After all, the President has been busy claiming that he's reduced the deficit at the fastest rate in 60 years.  Naturally, he forgot to mention that his administration also INCREASED deficits at the fastest rate in 60 years.

While a $680 BILLION deficit may seem a major accomplishment, it represents 4.1% of U.S. gross domestic product (GDP).  Prior to the Obama Presidency, the last time the U.S. budget deficit was this high was 1992 during the last year of the George H.W. ("read my lips") Bush Presidency.  Borrowing was approximately $1.85 BILLION for each and every day of the fiscal year.

See also ...

The Rest of the Story Behind President Obama's Deficit Claim and PolitiFact's "Fact Checking"

No comments:

Post a Comment