October 6, 2012

HOPEY-CHANGEY: The Hill: CBO reports deficit was $1.1 trillion in 2012. “The government’s fiscal 2012 has now come to a close and the score is in. The budget deficit for 2012 was $1.1 trillion, the fourth year of trillion-dollar deficits under President Obama.”

Obama likes to blame these deficits on “Bush’s two wars,” but as you can see, the deficit was declining when Bush was fighting those.

Meanwhile, Obama promised to cut the deficit in half by the end of his term. Didn’t work out that way. Indeed, Obama’s actual deficits, which are all over $1 Trillion, far exceeded these projections. Is there an updated version of this chart somewhere?

UPDATE: Several readers point out that the 2012 deficit was also almost double the CBO’s estimate. Something to keep in mind when reviewing their other forecasts.

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