It appears that President Obama is right on track for having the dubious distinction of being the only president to oversee 5 straight consecutive years of deficits that exceed $1 trillion. 2013, though in its infancy, appears to be heading towards the $1 trillion mark rapidly.
“The federal government ran up a $293 billion deficit in the first quarter of fiscal 2013, which ended Dec. 31, the nonpartisan Congressional Budget Office estimated Tuesday. The government’s fiscal year starts on Oct. 1st.
At this pace, the deficit would be on pace to top $1 trillion for the fifth-straight year in 2013. All the trillion-dollar deficits have taken place under President Obama.
By the White House’s own estimate, the New Year’s Eve tax deal with Congress will only reduce the deficit by $4 billion this year, once increased spending such as on unemployment benefits is taken into account.”
While Americans struggle to make ends meet and food stamp participation is at an all-time high, the federal government labors under no such hard times as it continues to spend more money than it brings in.
Though government spending continues to run unchecked and America is heading towards the day of reckoning for the debt ceiling crisis, Speaker of the House John Boehner recently noted that President Obama claimed that, “We don’t have a spending problem.”
While the government continues to live beyond its means, Obama and other leading Democrats have all but refused to trim anything meaningful from government spending while demanding tax hikes.
“The first-quarter shortfall was $29 billion less than in the first three months of fiscal 2012, CBO said.
The improvement is due to increased tax revenue of $60 billion, an 11-percent increase. Payroll taxes were up $44 billion and corporate income taxes were up $7 billion.
The $909 billion in spending was basically unchanged from 2012 to 2013. As more and more Americans retire, Social Security spending was up $12 billion and Medicare was up $6 billion.”
Although it is possible that 2013 could see a deficit less than a trillion dollars, it is impossible without serious cuts to government spending.