Personal Liberty Digest™ will be upgraded this weekend to reflect a dynamic new look and mobile-friendly viewing to enhance your experience! Plus, we'll be providing even more of the compelling content you've come to expect, delivered in a whole new way!

  Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Another Trillion-Dollar Year In The Red

October 8, 2012 by  

Another Trillion-Dollar Year In The Red

It is all bad economic news for President Barack Obama as the government’s fiscal 2012 came to an end last week with a budget deficit of $1.1 trillion, the fourth trillion-dollar deficit year of the President’s Administration.

The Congressional Budget Office reported Friday that the deficit was about $200 billion lower than in fiscal 2011, but mostly due to a timing difference that added some final payments to last year because Oct. 1, 2011 fell on a weekend. Were that not the case, according to The Hill, the fiscal 2012 deficit would come in at $30 billion higher than 2011.

“President Obama famously promised to cut the deficit in half and today’s report shows that his pledge amounted to nothing more than more empty campaign rhetoric,” Kevin Smith, a spokesman for House Speaker John Boehner (R-Ohio), said.

The CBO predicts the deficit will fall to $641 billion next year in its baseline scenario and down to $387 billion in 2014. This will only happen however if the U.S. breaches the “fiscal cliff,” allowing automatic spending cuts and tax increases to take place.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

Facebook Conversations

Join the Discussion:
View Comments to “Another Trillion-Dollar Year In The Red”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.