White House Predicts Another Year of Trillion Dollar Deficit

On Friday, the White House Budget Office released new figures which predicted that the national deficit for this year would top $1.2 trillion dollars, marking the 4th year in a row of more than a trillion dollars in deficit during the presidency of President Obama. The budget year ends in September 30, 2012.

These dreary predictions are guaranteed to be used against Mr. Obama in the already heated campaign, where Gov. Mitt Romney is making Obama’s failed economic policy a key topic of his message.

The White House also predicts that the economy will improve only by 2.6 percent this year and the unemployment rate will stall around 8 percent. But they promised that, through $1.5 trillion in tax increases, the deficit will be reduced to 3% of the economy by 2017.

According to President Obama’s budget strategy, we would continue taxing families who earn above $250,000 a year, raising the debt ceiling yet again, and bumping the national debt up to $16.2 trillion by the end of this year. Government spending now amounts to 24% of the country’s GDP.

This is what the President thinks is “fiscal responsibility.”

Advertisements

Reply to This

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s