“We cannot simply spend as we please and defer the consequences to the next budget, administration or generation,” said President Obama in 2009 in promising that he would cut the nation’s budget deficit in half by the end of his first term.
The problem is that the last budget under the Bush administration had a deficit of less than $500 billion. Every budget submitted by the President so far has a budget deficit of over $1 trillion, including the budget for FY2012 which is the last year of OBama’s term.
The budget, which will delivered to Congress on Monday, projects the deficit at $1.33 trillion this fiscal year or 8.5 percent of gross domestic product, declining to $901 billion, or 5.5 percent of GDP, in 2013.
Obama pledged in 2009 to have halved the deficit by next year, and his failure to deliver has provided Republicans with ammunition as they seek to deny him a second term by portraying him as old style tax and spend liberal.
“On this issue – the debt – this president has been completely AWOL. Republicans have had to fight tooth and nail for every dime in savings we’ve secured,” Mitch McConnell, the top Republican in the U.S. Senate, said on Thursday.
The spin from the Obama administration? It’s Bush’s fault, of course:
[White House Chief of Staff Jack] Lew, however, argued that Obama’s deficit promise was made before he truly understood the depth of the recession he had inherited from Republican President George W. Bush.
Obama started his term in office pushing the idea that we could spend our way back into prosperity. Well we’ve done the spending, running a deficit of over $1 trillion every year of Obama’s term in office, but the economy is not recovering.
Obama’s biggest accomplishment since taking office is running the budget deficit over $1 trillion for the first time in our nation’s history, and keeping it there for four consecutive years.