Obama Ran $1 Trillion Deficits Every Year of 1st Term
President Barack Obama ran $1 trillion deficits for each of the four years of his first term. The Congressional Budget Office's updated figures released last week reveal that in 2012, Obama had a $1.087 trillion deficit, marking the fourth year in a row he presided over a $1 trillion deficit.
According to CNS News, last year's deficit "was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943--which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator."
In 2011, the U.S. ran a $1.2956 trillion deficit; in 2010, the U.S. ran a $1.2935 trillion deficit; in 2009, the U.S. ran a $1.412.7 trillion deficit.
Still, Obama continues to tout his record as a deficit hawk.
"Our deficits are falling at the fastest rate in 60 years," said Obama last month.