Midknight Review -- new and revised: Obama promised a 600 billion deficit for 2012. Instead, he spent $578 billion in the first five months!!

Obama promised a 600 billion deficit for 2012. Instead, he spent $578 billion in the first five months!!

The Congressional Budget Office (the CBO) just released a report on the first five months of fiscal year 2012. Understand that the Federal fiscal year runs from October 1 through the last day of September. Fiscal year 2012 ends on September 30 of this year. In the first five months (October through February), Obama and Company have spent $578 billion on their way to a 2012 deficit of 1.387 trillion . . . . and who said we need a stinking budget?

Our chart shows a 2012 budget projection based upon a 5% GDP growth rate (not referenced on the chart) and an annual budget for F 2012 of $630 billion. In stead, we are looking at a GDP 2% to 2.5% for the year and a real-time deficit projection of 1.387 trillion, more than twice the Obama projection.

If we didn't know any better, we would think Obama knows as much about economic projections as he does about the Constitution or golf.

2 comments:

AnonymousMarch 13, 2012 at 3:02 PM
Fed says job market has improved, consumer spending is up and inflation is under control, despite rise in oil prices.

http://bit.ly/qx5qjZ
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John SmithsonMarch 14, 2012 at 9:31 AM
No one is denying the improvement. I have been straight-up in my reporting on that matter. That is not the theme I push on this blog, however. Read and learn, pilgrim.
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Let's return the favor, shall we?

CLINTON: You cannot be civil with a political party that wants to destroy what you stand for, what you care about. That’s why I believe if we are fortunate enough to win back the House and/or the senate, that’s when civility can start again. But until then, the only thing that the Republicans seem to recognize and respect is strength. And you heard how the Republican members led by Mitch McConnell, the president really demeaned the confirmation process.

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."