RightChange: Thanks Obama, CBO Projects Another $1 Trillion Deficit

Once upon a time, not long ago, America was appalled at the massive deficits ran under George W. Bush and the Democratic Congress.  “Fiscally irresponsible” and “unpatriotic” were adjectives used by the Democrats to describe our debt at the time.  These debts were so high that sitting President Obama blamed them for our economic woes throughout the three years of his Presidency.  Upon election, he promised us the days of pork-filled spending were OVER.  He must have misspoke: today marks the fourth year in a row that the government will run a trillion dollar deficit.  Congratulations Obama, you turned eight years of billion dollar deficits into four years of trillion dollar deficits.

From Politico:

“The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30 is actually worse than what CBO had predicted in August. And to punch home its message, the non-partisan agency outlines an especially grim scenario in which Congress not only extends all the current tax cuts but pulls the plug on the $1.2 trillion in sequester set in motion by the Budget Control Act last summer.

Under this scenario—which can’t be ruled out politically—deficits would stubbornly hover just under $1 trillion through 2017 adding another $4.7 trillion altogether to the mounting federal debt.”

So much for Obama’s long-term deficit reduction plan.  Under his budget, we will be paying for his spending long after his second term – if voters choose to give him another shot.  See graph from the Heritage Foundation below:

The primary reason we will be running trillion dollar deficits into 2021 is because the government is pledging money it doesn’t have -most of it going toward entitlement programs. Entitlement programs will consume all tax revenues by 2052, which means there will be no more funding left for any other government programs.   President Obama has failed to deliver any plan to reform these programs that will push us off the cliff in the distant future.

President Bush may have left Obama with a mess to clean up, but Obama said he was up for that challenge.  He took an economic mess and turned it into chaos.  These trillion dollar deficits are here to stay and sometime in the distant future, we will pay for it.  And it won’t be pretty.

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