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|Sarah Swinehart (202) 226-4774|
Obama Budget: More Than Twice the Debt in Half the Time
The President’s Budget Proposes More Runaway Deficits and Debt
President Obama’s FY 2013 Budget Proposal is a clear indication that he is not serious about reducing the nation’s burdensome, job-killing deficits and debt. Failing to fulfill his promise to cut the deficit in half by the end of his term, Obama instead proposed a fourth consecutive year of deficits greater than $1 trillion:
Deficits Under President Obama
Fiscal Year 2009 $1.413 trillion 2010 $1.293 trillion 2011 $1.296 trillion 2012 $1.327 trillion (projected)
$1.327 trillion (projected)
Source: President Obama’s FY 2013 Budget Proposal, Historical Table 1.1
As a result of the crushing deficit levels proposed in President’s budget, debt will exceed 100 percent of Gross Domestic Product (GDP) every year for the next 10 years. Independent economists have found that debt loads greater than 90 percent of GDP could result in the loss of up to 1 million jobs.
Instead of taking responsibility for the massive spending and debt increases – and their effect on job creation – that have occurred during his presidency, President Obama again blames the previous administration for the country’s current financial situation. However, a look at the debt accumulated under President Bush and President Obama shows that President Obama will more than double President Bush’s total in only half the time. Twice the debt in half the time – it’s a budget that America just can’t afford.
Increase in Debt Held by the Public
Source: President Obama’s FY 2013 Budget Proposal, Historical Table 7.1