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December 13, 2012

Obama's Budget Deficit Hits New Record For November

Topics: Political News and commentaries

The Associated Press reports:

The U.S. federal government's budget deficit widened in November compared to October, a sign that the nation is on a path to its fifth straight $1 trillion-plus deficit.

The budget gap rose to $172 billion in November, up from $120 billion in October, the Treasury Department said Wednesday. The November deficit was also 25 percent higher than the same month last year. Last month's deficit was pushed higher by a calendar quirk that pulled about $33 billion in benefits payments into November from December.

The AP fails to report the whole story. As NewsBusters points out, the AP failed to note that November's $172 billion dollar deficit is "the highest November shortfall ever (even exceeding last year's record $137.3 billion)."

And as Fox News notes, the new number puts the U.S. on pace to notch its fifth-straight annual deficit over $1 trillion. The government finished the 2012 budget year, which ends Sept. 30, with a deficit of $1.1 trillion. Obama's presidency has coincided with four straight $1 trillion-plus deficits -- the first in history. This, despite the fact that Obama had promised in February 2009 to cut the deficit in half by the end of this first term.

Related: Cliff Notes: The Road Not Taken

Posted by Hyscience at December 13, 2012 9:22 AM

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