October 12, 2012 by David K. Sutton
Fact of the Day: Federal Budget Deficit Drops by $200 Billion
This article is intended to state facts, not sugarcoat reality. The federal budget deficit is massive, even if adjusted for inflation.
The Treasury Department reports the federal budget deficit topped one trillion dollars for the fourth straight year in 2012 at $1.1 trillion. This represents a drop of over $200 billion from the 2011 deficit, and it is the lowest of the last four deficits.
Deficits by year and by president:
- Bush: 2009 – $1.4 trillion
- Obama: 2010 – $1.3 trillion
- Obama: 2011 – $1.3 trillion
- Obama: 2012 – $1.1 trillion
The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. – Congressional Budget Office