Obamanomics: US Set For Another $1 Trillion Deficit

Katie Pavlich

8/8/2012 11:17:00 AM - Katie Pavlich

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.