Cross Posted on USAprogressive
President Obama has cut the Federal deficit by almost 25% since he came into office in 2009.
In FY 2009, a Bush budget, the federal deficit was $1.413 trillion dollars. It now stands at 1.089 trillion dollars at the end of FY 2012 which just ended in September.
Doing the math, this is a reduction of almost 25% in only 3 years. The Congressional Budget Office is projecting the federal deficit to be around $901 billion dollars by the end of fiscal year 2013 which is the last budget of President Obama’s first term.
By adding in this CBO projection, President Obama will have cut the federal deficit by almost 40% by the end of his first fiscal term. This is about 10% shy of his estimation of cutting the federal deficit by 50% over his first term.
This number could change given the acceleration of the economy going into 2013.
This is an indication, once again that Republicans use ignorance of the populace to gain support. People think that President Obama has grown the federal deficit, when in actuality, the federal deficit is shrinking by a pretty substantial pace.
See the entire history of federal deficits here.
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