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White House: $1.2 Trillion Deficit in 2012

Raymond, (Ret) Wrote: Jul 28, 2012 8:53 AM
So the good news is that the bad news is not as bad as we feared.

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...