CBO Estimates $1.1 Trillion Federal Deficit

[thundley4]

Taking into account all the budget legislation passed in the last year, the Congressional Budget Office says the country will run a $1.1 trillion deficit in fiscal year 2012.

The CBO reports that is nearly 7 percent of the United States' GDP, but is "nearly 2 percentage points below the deficit recorded in 2011, but still higher than any deficit between 1947 and 2008."

There are two graphics that really tell you the story outlined in the CBO's fiscal outlook. First, an overarching look at deficits and surpluses since 1946:



And, then, a look at the projected fiscal situation of the country through 2022. the bottom line is that the country will be running a sizable deficit for the next decade. But the CBO analyzed what would happen if congress allows the expiration of tax cuts ennacted in 2001, 2003 and 2009. The brown assumes those tax cuts are extended and the blue assumes congress allows those taxes to expire. If they expire, the deficit could hover around 2 percent of GDP by about 2015.

http://www.npr.org/blogs/thetwo-way/2012/01/31/146137263/cbo-estimates-1-1-trillion-federal-deficit?ft=1&f=1001

Looking at those two graphs it looks like things had started to improve under President Bush, but took a turn for the worse when the Dems took control of congress in 2007.

[obumazombie]

So, since Bush was responsible for a good metric, not only can't the libs spring load to "It's Bush's fault", he most probably will get no credit from any of the owebumaManiMedia.