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The Federal Deficit Will Be Cut By 40% By The End Of This Fiscal year
When President Obama took office, the federal deficit was $1.413 trillion dollars. Three years later, at the end of fiscal year 2012, the deficit has been cut by 25% to 1.089 trillion dollars.
The CBO is projecting that the federal deficit will be 901 billion dollars by the end of this fiscal year. This also happens to be President Obama’s last fiscal year of his first term.
By doing the math, which we all know has a liberal bias as Clinton has proven time and time again, this would mean by the end of President Obama’s first fiscal year term, he would have cut the deficit by 36%, almost 40% lower than when he took office.
This is obviously not what the Republicans are saying. Once again, the GOP is using the ignorance of the populace to misinform and project their narrative onto the electorate.
President Obama is cutting the deficit like he promised he would do. He promised to cut the deficit by 50%, I would say that this is a promise mostly kept.
Imagine if the president was a Republican. The GOP would be praising him as the most fiscally responsible president in a generation. They would be naming airports after him and petitioning him to replace Eisenhower on the dime. Since he is a Democrat, all Republicans can do is try fit a square peg into a round hole, and blame Obama for their own bad behavior.
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7 Responses to The Federal Deficit Will Be Cut By 40% By The End Of This Fiscal year
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j
Oct. 17th, 2012 at 4:55 pm
Why is this not being talked about more?
Kenneth Morgan
Oct. 17th, 2012 at 5:39 pm
It should be and will be, I’m sure. Obama needs lots of CBO facts to help him. Also, hopefully, BLS numbers will be updated upwards again and the last report is good. Then Obama should win. He will have to explain once again his jobs plan. Now is good, right between yesterday and next weeks debate.
Enjay in E MT
Oct. 17th, 2012 at 7:24 pm
Please don’t tell the GOP – they’ll demand another extension on the Bush Tax Cuts since we’re so “flush”.
Roberto Morales
Oct. 17th, 2012 at 7:29 pm
i love this, but i would alos love some CBO references. i would have posted this everywhere on my interwebs sites, if there was a reference. please add some kind of reference.
I would love to talk about this more :-)
Anne
Oct. 18th, 2012 at 1:26 am
This should be broadcast even more, like the reduction in the unemployment rate, because it totally refutes the ludicrous idea some voters harbor that Willard Romney is more trustworthy in handling the deficit than the president, in spite of the fact that they say the president is more trustworthy on looking out for the middle class, on national security, and on health care reform among other things. It’s mind-boggling that anyone who trusts Willard more on anything would fail to realize that the deficit is connected to all of these things.
Kathy Weir
Oct. 18th, 2012 at 7:51 pm
Please. Add some links or citations to authorities so that I can share this information. I am sure that you have backup for these numbers, and I believe you, but it’s not useful for me to use to rebut anyone whose opinion is based on talking points, not on facts. Thanks for the information!
clarence swinney
Oct. 19th, 2012 at 9:28 am
PAY OFF DEBT
remember 2000..cbo projected a 10,000b surplus in 2010 if we stayed with Clinton Fiscal policies
Had Gore won we would have, today, a surplus not deficits of 1000+ and a debt of 5800 or less not horrid 16,000B.
It will require a Congress willing to raise needed revenue via tax code and reduce spending
in Defense—Social Security—Medicare–Medicaid–Interest.
It will require cutting the exemptions of 1300 Billion
It will require increasing tax rates at the top.
It will require eliminating the Casino Derivative Of America that is for wealthy only.
That wealth should be used for the common good of building industries and jobs.
Tis a disgrace that the richest nations ranks in OECD nations
#4 on Inequality–#3 as Least Taxed–#2 as Least tax on corporations
A shame that in 2012 we taxed 17% of our Income yet borrowed 1100B.
Our 2013 budget projects to tax 20% of Total Income and borrow 900B
WE CAN ELIMINATE OUR DEBT—WE MUST DO IT FOR OUR FUTURE GENERATIONS clarence swinney