Deficit tops $1 trillion for 4th straight year
October 5th, 2012
02:28 PM ET
2 years ago

Deficit tops $1 trillion for 4th straight year

New York (CNNMoney) - The federal government logged a $1.1 trillion deficit in fiscal year 2012 - marking the fourth straight year of trillion-dollar shortfalls.

As a share of the economy, the deficit fell to roughly 7%, according to Congressional Budget Office estimates released Friday. That's down from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009 during the depth of the economic downturn.
Deficits as a share of GDP in the past four years have been the highest since 1947.

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Filed under: 2012 • Congressional Budget Office • Deficit
soundoff (37 Responses)
  1. ltnet356

    Obama has sold out this country. He wants us dependant and enslaved.

    October 5, 2012 02:42 pm at 2:42 pm |
  2. Dominican mama 4 Obama

    Like the lady in The Omen said: " This is for youuuuuu" GOPeeing Teatrolls!
    This should revive you from the apoplectic, heart-paralyzing fit you were having over the nation's unemployment rate dropping below 8%.
    Only the lunatic GOP would actually resent the unemployment rate going down, and CELEBRATE the nation's deficit.
    Go at it you eye-plucking crows.
    Yum-yum,eat it up!

    Obama 2012.

    October 5, 2012 02:53 pm at 2:53 pm |
  3. Ind.

    Democrats are now in their delirious state. Their heads will soon explode off the tops of their shoulders.

    BOOM! there goes one now.

    October 5, 2012 02:59 pm at 2:59 pm |
  4. MrBeenThere

    Look at that .............. The President does know what he's doing and with ZERO Republican Help.......... wonder what would happen if they weren't the party of "NO"................

    October 5, 2012 03:00 pm at 3:00 pm |
  5. Ind.

    Hussein Obama, you still haven't explained your racist video.

    Wait till the rest come out on top of this one.

    October 5, 2012 03:00 pm at 3:00 pm |
  6. Sniffit

    "Deficits as a share of GDP in the past four years have been the highest since 1947."

    And, of course, CNN fails to mention that Obama has restrained the growth of gov't spending to the lowest percentage since that time period as well.

    October 5, 2012 03:01 pm at 3:01 pm |
  7. S.B. Stein E.B. NJ

    It is going to go on for a while. Part of that is because there is too much being spent on military programs without enough supervision for what is being done. There is also not enough money coming in partly because the wealthy (people and corporations) get away with deductions that they shouldn't get.

    October 5, 2012 03:02 pm at 3:02 pm |
  8. Debbie

    And it is going to continue to grow.....How in the hell do we expect if to go down when all WE do is spend in the country....We spend from the top to the bottom.....the cost of living is going up, salaries are not going down, they are just not going us as fast as the cost of living.....there is nothing on earth we can do to stop that!!!

    October 5, 2012 03:06 pm at 3:06 pm |
  9. truth hurts

    Yeah but look at how much better off things are! Record low unemployment, record low foreclosures, record low gas prices, record low food costs, record low numbers of people on food stamps, record numbers of people with jobs and paying taxes, oops, wait a minute. Drinking from a cup labeled "Obama juice" makes all this sooo much better.

    October 5, 2012 03:09 pm at 3:09 pm |
  10. Trey

    Not obama's fault. It was bush's for the first two years and then the republican controlled congress for the last two.

    October 5, 2012 03:12 pm at 3:12 pm |
  11. Phil

    Who's been President the last 4 years? Oh yea..... thats right! OBAMA. Keep voting for Obama, Obama groupies. Rather a great public speaker in office than a great leader. You want someone to make you feel good... Go to a motivational speaker. Lets get this country back on track. Vote for a business man! Not a carerr ambitious politician. If Obama really cared about America then he would see he is only making things worse and finish his term and step aside!

    October 5, 2012 03:13 pm at 3:13 pm |
  12. Wake up People!

    Remember 4 years ago, President Obama hadn't even been elected yet, let alone, inaugurated........ Who was in office 4 years ago today?? The same person that lied us into two wars, and spent money like a drunken sailor on shore leave. And let's not forget Dick "deficits don't matter" Cheney.

    OBAMA 2012!

    October 5, 2012 03:13 pm at 3:13 pm |
  13. NVa Native

    Time to start collecting taxes from the parasitic mega-churches who flaunt their ill gotten booty while interfering with our government and politics. They claim to be patriots – well step up little man and put your false idol the "almighty dollar" where your mouth is.

    October 5, 2012 03:21 pm at 3:21 pm |
  14. HOLY TIGHTY WHITIES WILLARD

    End the words of Richard(Dick) Cheney, "DEFICITS DON'T MATTER." That's what he said while he and his boss were running the deficit up. What a crock!

    October 5, 2012 03:25 pm at 3:25 pm |
  15. Ind.

    Even the MSM chuckled when Solis announced the job numbers today. It's literally laughable.

    October 5, 2012 03:28 pm at 3:28 pm |
  16. Larry L

    The two unfunded wars and cut & spend economics of the Bush era created the recession – and we're still paying for his folly. Bush inherited a balanced budget and had the reins for eight years. Funny how Republicans never remember that fact. They also never admit to Mitch McConnell's plan to obstruct progress in our recovery. The vast bulk of our deficit comes from the recession – Bush's legacy to America.

    October 5, 2012 03:28 pm at 3:28 pm |
  17. Ind.

    Manufactured jobs numbers. Can this administration LIE anymore? I'm sure they will.

    October 5, 2012 03:29 pm at 3:29 pm |
  18. Ind.

    Bureau of Labor Statistics emloyees HEAVILY donation to Hussen Obama's campaign.

    October 5, 2012 03:31 pm at 3:31 pm |
  19. Sam

    Sorry but America is doomed with either candidate.

    October 5, 2012 03:31 pm at 3:31 pm |
  20. Malory Archer

    ltnet356 and Ind. OBVIOUSLY didn't read the article before commenting. From the article:

    As a share of the economy, the deficit fell to roughly 7%, according to Congressional Budget Office estimates released Friday. That's down from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009 during the depth of the economic downturn.

    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    The 2009 budget year began in October 2008, three months & 20 days PRIOR to President Obama's innaguration, so he doesn't own that one. That being said, while deficit spending may be huge, there's a lot less of it happening than there was during the final budget of the previous occupant of 1600 Pennsylvania Avenue. The truth hurts, but the sooner you accept it the sooner you can begin to heal.

    October 5, 2012 03:32 pm at 3:32 pm |
  21. MrBeenThere

    Last comment was meant as ~Sarcasm~ towards the Republicans

    Go Obama 2012

    October 5, 2012 03:34 pm at 3:34 pm |
  22. Malory Archer

    Oh dear, phil didn't read the article either. That, or he, ltnet356 and Ind. have serious reading comprehension problems and probably should have spent summer vacation in a remedial reading course. Oh wait, when the retugh governors declared war on education summer school became the first casualty.

    October 5, 2012 03:36 pm at 3:36 pm |
  23. Sniffit

    "salaries are not going down, they are just not going us as fast as the cost of living"

    When your purchasing power DECREASES, it is the functional equivalent of your slary "going down." THAT is what has beenhappening for several decades to the middle-class and it why we're stuck in a massive demand vacuum.

    October 5, 2012 03:38 pm at 3:38 pm |
  24. HOLY TIGHTY WHITIES WILLARD

    Vote for a business man!
    ---------------------------------------
    Ha! A business man who invested in companies that pioneered outsourcing American jobs. The same business man who invested in CNOOC but sold his shares once he decided to run for President. That kind of business man? I'll take a pass.

    October 5, 2012 03:38 pm at 3:38 pm |
  25. ladyfon

    36.4% of the labor force is not working. The only reason the unemployment rate went down to 7.8% is because 2.5 million people are no longer looking for work and over 500k are working part-time when they actually want a full time job. That is NOT happy news. That's like being happy for a 0% unemployment rate because 100% of the labor force wants to live off welfare and not work!

    October 5, 2012 03:39 pm at 3:39 pm |
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