Budget Deficit | Deficit Spending
In the last four years the United States has had Budget Deficits of over $1 Trillion dollars every year.
The Obama Administration has failed to pass a Federal Budget every year Obama has been in office.
We have been operating without a budget in the US for over 1130 days as of May 20, 2012
Budget Deficit vs National Debt
Budget Deficit is the total amount of the yearly annual budget deficits since 1789.
National Debt is sometimes used in place of Budget Deficit. The National Debt is includes the entire Budget Deficit number AND the government's unfunded long term liabilities. This number is ranges from $75 Trillion to $125 Trillion depending what obligations and entitlements they include. Click link below to find out more.
Obama's Share of the National Debt (Budget Deficit)
Presidents from George Washington through George W. Bush ran the national debt up to $10.62 trillion, the amount it was on the day Obama took office. Today, it is $15.67 trillion, according to the Treasury Department's Bureau of Public Debt. So it has gone up by $5.05 trillion under Obama. That's roughly half of the amount amassed by all the other presidents combined. - 05/15/2012 Huffington Post
Trillion dollar deficits every year moving forward is "unsustainable"
Congressman Duffy made the following remarks during floor debate on the House Budget Committee's FY2012 budget resolution, noting that when President Obama took office, the CBO projected we would borrow $1.8 trillion over 10 years, but now under President Obama we are projected to borrow over $9.4 trillion.
Under Obama, Government Getting Bigger and Middle Class getting Smaller
WASHINGTON, February 7, 2012—Speaking today at the Senate Budget Committee with Federal Reserve Chairman Ben Bernanke, Sessions discussed the growth of government and diminishing paychecks for hardworking taxpayers:
"The Congressional Budget Office's new outlook confirms that our deficit will top $1 trillion for the fourth straight year. And the deficits we face in the outyears, the next decade, are even more relentless and systemic. In just three years, we have accumulated almost $5 trillion in new gross debt -- during which time the total number of Americans working has decreased by 1.2 million. We have even fewer Americans working today than more than 11 years ago. Federal spending, in real dollars, has increased 53 percent in ten years, while real wages for the average American have declined 7 percent. The government is getting bigger and the middle class is getting smaller."