US budget deficit cut by more than half under Obama, below avg of 4 decades

[exGOPer]

The federal government ran a deficit of $486 billion in 2014 – the smallest deficit recorded since 2008, according to preliminary projections from the Congressional Budget Office released Wednesday. Last year the deficit was $680 billion, or $195 billion more than the current projection. The deficit is the size of about 2.8 percent of the economy, a size slightly below the average over the past four decades.

The primary reason: The government took in about 9 percent more money in 2014 than in 2013 and spent only about 1 percent more this year compared with last. The bulk of the revenues came from individual income and payroll taxes, corporate income taxes and receipts from the Federal Reserve.

The deficit has shrunk as a percent of gross domestic product for five years now and has steadily diminished since reaching its largest of $1.4 trillion in 2009, on the heels of the financial crisis. The improvement flies in the face of Republican arguments that entitlement spending under Obama has been unrestrained and unsustainable.

http://www.usnews.com/news/blogs/data-mine/2014/10/08/deficit-hits-new-low-under-obama

http://www.politifact.com/wisconsin.../obama-says-he-has-cut-national-deficit-half/

 

[IAS_LLC]

The primary reason: The government took in about 9 percent more money in 2014 than in 2013 and spent only about 1 percent more this year compared with last.

They are still spending more year over year, and every year it is more than we can afford. Thanks alot, Obama.

 

[gwb-trading]

While you're beating on your drum, tell us about the total government debt. How much has that gone up under Obama?

 

[dbphoenix]

http://www.elitetrader.com/et/index...up-70-under-barack-obama.288142/#post-4057765

 

[gwb-trading]

http://www.elitetrader.com/et/index...up-70-under-barack-obama.288142/#post-4057765

Let's provide you some help -

President / Debt increase* / End-of-term / GDP* Percentage
Reagan $1,873 $8,850 21%

GHW Bush 1,484 $9,410 16%

Clinton 1,268 $12,680 12%

GW Bush 4,899 $14,580 34%

Obama 7,198 $16,160 44%



http://www.washingtonpost.com/blogs...record-on-any-president-on-the-national-debt/

 

[dbphoenix]

Let's provide you some help -

President / Debt increase* / End-of-term / GDP* Percentage
Reagan $1,873 $8,850 21%

GHW Bush 1,484 $9,410 16%

Clinton 1,268 $12,680 12%

GW Bush 4,899 $14,580 34%

Obama 7,198 $16,160 44%



http://www.washingtonpost.com/blogs...record-on-any-president-on-the-national-debt/

Which isn't what you asked.

 

[Spike Trader]

The federal government ran a deficit of $486 billion in 2014 – the smallest deficit recorded since 2008,

welcome back.

 

[wildchild]

Aren't the dems the imbeciles who have been whining that the house republicans have blocked everything that Obama proposes. Of course, it is going down, the house republicans have been blocking this bastard's agenda for the last 4 years.

These democrats were crying bloody murder when the republicans shut the government down and then they sit there and act like Obama is a budget hawk.

 

[WeToddDid2]

Oblahblah said,

'The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that "the buck stops here." Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.'

 

[Tony Stark]

The federal government ran a deficit of $486 billion in 2014 – the smallest deficit recorded since 2008, according to preliminary projections from the Congressional Budget Office released Wednesday. Last year the deficit was $680 billion, or $195 billion more than the current projection. The deficit is the size of about 2.8 percent of the economy, a size slightly below the average over the past four decades.

The primary reason: The government took in about 9 percent more money in 2014 than in 2013 and spent only about 1 percent more this year compared with last. The bulk of the revenues came from individual income and payroll taxes, corporate income taxes and receipts from the Federal Reserve.

The deficit has shrunk as a percent of gross domestic product for five years now and has steadily diminished since reaching its largest of $1.4 trillion in 2009, on the heels of the financial crisis. The improvement flies in the face of Republican arguments that entitlement spending under Obama has been unrestrained and unsustainable.

http://www.usnews.com/news/blogs/data-mine/2014/10/08/deficit-hits-new-low-under-obama

http://www.politifact.com/wisconsin.../obama-says-he-has-cut-national-deficit-half/