President Obama does not care much about deficits — other than worrying that big debt might matter in his reelection campaign.
In his first three budgets combined, Obama borrowed nearly $5 trillion. Currently, the government is borrowing about 45 percent of everything that it spends. The 2012 budget that Obama proposed in February would add nearly $10 trillion to existing U.S. debt over the next ten years. It would spend $3.7 trillion in 2012 and result in the largest annual deficit in U.S. peacetime history, which is why it was rejected in the Senate by a 97–0 vote.
Keep reading this post . . .
© 2014 Medium Cool Communications, LLC. All Rights Reserved.