Back in February, 2009 Barack Obama said, “today I’m pledging to cut the deficit we inherited in half by the end of my first term in office.” Not only has he not delivered on his pledge, the deficit is still headed in the wrong direction.
The Congressional Budget Office announced yesterday that the federal government amassed the worst monthly deficit in history in February – an astounding $229 billion dollars of red ink in only a single month. Thus far for just the first five months of fiscal year 2012, the government has accumulated $631 billion of new debt, and is borrowing 42 cents of every dollar it spends. At this rate, the government will set yet another record deficit in 2012.
From the Washington Times:
It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.
For all of fiscal year 2012, which began Oct. 1, the budget analysts said the government has raised $869 billion in revenue but spent $1.5 trillion so far.
The government’s fiscal year ends on September 30, so voters will be armed with fresh information when they vote in November. Obama should feel a great deal of the voter’s anger, but so too should the Members of Congress – Democrat and Republican - who have continued to support the madness and failed to even begin to restrain the beast.