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White House: $1.2 Trillion Deficit in 2012

r111f Wrote: Jul 28, 2012 8:35 AM
If private business or private citizens operated like the Federal Government and for that matter many State and Local Governments do......they would be BANKRUPT........the private sector can't keep going with deficit spending for very long........the private sector can't print more useless fiat currency

Just so you know, this deficit is totally out of context and was certainly not built by President Obama:

The Obama administration projects a budget deficit of $1.211 trillion this year, though that is $116 billion lower than an estimate released earlier in the year. "This reflects lower-than-expected spending, partially offset by lower-than-expected receipts," Budget Director Jeffrey Zients wrote on the White House website. In unveiling the administration's midyear budget review, Zients reported that this year's deficit is estimated to be 7.8% of Gross Domestic Product. That is less than the 8.5% projected in a...