Test for Obama as Deficit Stays Over $1 Trillion
9/26/12
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The fiscal imbalance on Mr. Obama’s watch has increased the nation’s accumulated debt by about 40 percent and has saddled him with one of his biggest vulnerabilities.
from The NY Times,
9/26/12:
Four years ago, Barack Obama campaigned for president on a promise to cut annual federal budget deficits in half by the end of his term. Then came financial calamity, $1.4 trillion in stimulus measures and a maddeningly slow economic recovery.
Now, despite small annual improvements, the deficit for the fiscal year that ends on Sunday will surpass $1 trillion for the fourth straight time. Against that headline-grabbing figure, Mr. Obama’s explanation — that the deficit he inherited is actually on a path to be cut in half just a year later than he promised, measured as a percentage of the economy’s total output — risks sounding professorial at best.
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