It's only August but the Congressional Budget Office is predicting the United States will see another $1 trillion deficit before we hit October. The federal government has posted $1 trillion deficits every year since President Obama took office and the Democrat controlled Senate hasn't passed a budget in more than 1100 days. No budget means not knowing how much is being spent. In 2008, the deficit was less than $500 billion. The national debt stands at nearly $16 trillion.
The nonpartisan Congressional Budget Office (CBO) on Tuesday estimated that the federal budget deficit stands at $975 billion through July.
This guarantees that the deficit for fiscal 2012, which ends Sept. 30, will be above $1 trillion.
The deficit through the first 10 months of 2011 came to $1.1 trillion, $125 billion more than through the first 10 months of this year.
Americans for Prosperity is out with a new ad today addressing this issue and is reminding voters of President Obama's pledge to cut the deficit in half.
Katie Pavlich is the Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is a New York Times Best Selling author. Her latest book Assault and Flattery: The Truth About the Left and Their War on Women, was published on July 8, 2014.