Budget Background

“The White House predicts this year's federal budget deficit will end up at $1.2 trillion, marking the fourth consecutive year of trillion dollar-plus deficits during President Barack Obama's administration… The White House report [was] released Friday afternoon with the Olympics poised to distract voters for two weeks…” Associated Press, “Administration projects $1.2T 2012 budget deficit,” July 28, 2012

 

“Republicans, however, seized upon the disconnect between Obama’s campaign message and his budget proposals, which would add nearly $6.5 trillion to the national debt over the next decade by White House calculations. ‘President Obama is currently running a campaign ad saying he has a plan to ‘pay down the debt in a balanced way,’’ said Sen. Jeff Sessions (Ala.), the senior Republican on the Senate budget panel. ‘But his updated budget—submitted two weeks after the legal deadline—reveals just how dramatically false this claim is. These ads ought to be pulled down....’” Washington Post, “White House: Deficit would near $1T again next year, drop sharply in 2014 under Obama plan,” July 28, 2012

 

“Republicans pointed out that like the February budget, the update adds to the national debt even while assuming that the Bush-era tax rates for the wealthy expire.” The Hill, “White House projects $1.2 trillion deficit, lower economic growth in 2012,” July 27, 2012

 

“The river of red ink shows that President Barack Obama’s campaign-trail ads are ‘dramatically false,’ said a statement from Sessions. Those new ads promise to pay down the accumulated deficits in a ‘balanced way.’” The Daily Caller, “Obama budget forecast predicts $8.3 trillion deficit over next decade,” July 27, 2012

 

“Since [2009], deficits have remained stubbornly high, totaling $1.3 trillion in 2010 and 2011 and projected to reach $1.2 trillion this year.” Washington Times, “Federal deficit to reach $1 trillion for fifth straight year,” July 28, 2012

 

“The [budget update] upped its estimate for the deficit in 2013 from $901 billion to $991 billion.” Yahoo! News, “Obama budget office lowers economic growth forecast for 2012,” July 27, 2012

 

“The mid-session review was due before July 16, and Republicans pounced on the administration for failing to meet that deadline. ” The Hill, “White House projects $1.2 trillion deficit, lower economic growth in 2012,” July 27, 2012