President Obama’s budget projects a $1.33 trillion deficit in 2012, as he has given the United States the first-ever trillion dollar deficit four years in a row and added 5 trillion dollars to the debt in one term.
The deficit was $1.3 trillion in 2011, $1.29 trillion deficit in 2010 and a record-breaking $1.4 trillion deficit in 2009.
Obama will more than double the debt accumulated under President Bush in half the time,according to The Commitee on Ways and Means.
The debt held by the public increased $2.4 trillion between 2000 and 2008, from $3.4 trillion to $5.8 trillion. The debt held by the public under President Obama’s budget proposals is projected to increase $6.1 trillion between 2008 and 2012, from $5.8 trillion to $11.0 trillion.
The President continues incredible government spending, spending far more money than any president ever has, yet tax revenues remain low.
Entitlement spending is at the highest level in the nation’s history and more than half of the president's budget would be spent on entitlement programs .