1/31/2012

For fourth year the deficit will exceed $1 trillion

So much for Obama's promise to cut government spending and the deficit. From the Washington Post:

The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday, the smallest since the Great Recession hit in 2009.

The nonpartisan Congressional Budget Office projected that the gap between government spending and tax collections would continue to fall, dropping sharply in 2013 and through the decade if policymakers follow through with major changes in both tax policy and government spending now on the books.

The $1.1 trillion deficit is the smallest deficit figure — both in nominal terms and as a percentage of the economy — since the Great Recession. . . . .

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