It’s Official: 2012 Deficit Was $1.087T; $1T+ All 4 Yrs Of Obama’s 1st Term

Barack Obama 6 SC It’s Official: 2012 Deficit Was $1.087T; $1T+ All 4 Yrs of Obama’s 1st Term

(CNSNews.com) – The Congressional Budget Office last week released updated historical budget data for the federal government, reporting a deficit of $1.087 trillion in fiscal 2012.

2012 marked the fourth straight year—and the only four years in the history of the nation–when the federal government’s deficit topped $1 trillion.

Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943—which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.

The deficit has also remained at a higher percentage of GDP over the last four years than at any time since the conclusion of World War II (which ended during fiscal 1946, which began in June 1945).

In February, the CBO had initially calculated that the deficit for fiscal 2012, which ended on Sept. 30, 2012, had been $10894 trillion. That was based on an estimation that the federal government had taken in $2.4491 trillion in taxes during the year and spent $3,5385 trillion.

Read More at CNS News . By Terence P. Jeffrey.

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Comments

  1. Edwardkoziol says:

    I think most of this money was spent on his vacations and flying to California to be with the rich Hollyweed moguls who support his half black ass.

  2. The only thing that the Dems can say is that THE RATE OF INCREASE IN THE DEBT has gone down since 2009's debt EXPLOSION. But of course, they had to be dragged into it kicking and screaming by what is left of the Conservative Republicans!

    However, neither Republicans nor Democrats have any legs to stand on until the net deficit reaches the level of 2008– and starts GOING DOWN!!!!!

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