Obama's Fourth Budget Once Again More Than 1 Trillion Dollars

The USA Today reports:

President Obama's pledge to cut the deficit in half by the end of his first term will fall short, according to the latest economic outlook released Tuesday by the non-partisan Congressional Budget Office.

The president said in February 2009 that the $1.3 trillion deficit he inherited would be cut in half under his budget blueprint, but according to CBO the deficit in 2012 will continue to hover around $1 trillion, and fall to just under $1 trillion next year if current tax laws are extended, as expected. An overall sluggish economy is expected to continue with unemployment stuck around 8% through 2013...

"Today's report is further confirmation that the president's record has failed to live up to his rhetoric," said Rep. Jeb Hensarling, R-Texas.

The New York Times reports:

The Congressional Budget Office said Tuesday that the economy would remain sluggish, with high unemployment, and that the federal budget deficit would exceed $1 trillion in 2012 [with a $1.1 trillion deficit in the current fiscal year] for the fourth consecutive year.

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