But don’t worry, they are blaming it all on the Democrats.
“Just a few years ago, the deficit was under 500 billion dollars,” said Judd Gregg, a Republican on the SenateBudget Committee.
“Now, since the Democrat majority has taken control of the nation’s checkbook, deficits have risen to staggering levels and will average one trillion dollars annually for the next decade under the president’s policies.”
For the 2010 fiscal year that ended on September 30, the government had a budget shortfall of 1.294 trillion dollars, down 122 billion dollars from the previous year’s record-setting high.
The deficit’s ratio to economic output fell to 8.9 percent of grossdomestic product, down from 10.0 percent of GDP in fiscal 2009.
Worth mentioning: the 2009 budget was still from the Bush administration. Which means the very first Obama economy improved the situation.
Shit like this makes my blood boil.