OMB: Obama Will Become First President to Spend $4T in One Year

CNS News
April 11, 2013

In the historical tables it released along with President Barack Obamaís fiscal 2014 budget proposal this morning, the White House Office of Management and Budget revealed that in fiscal 2016, under the presidentís budget proposal, it expects Obama to become the first president in the nationís history to preside over a federal government that spends more than $4 trillion in one year.

The OMBís historical tables also reveal that the White House does not expect this administration to ever run an annual deficit as low as $458.5 billion, which was the deficit the government ran in fiscal 2008, the last fiscal year completed before Obama took office.

According to OMBís tables, the federal government would spend$3.7778 trillion in fiscal 2014 under Obamaís budget proposal. It would then spend $3.9801 trillion in fiscal 2015; $4.0898 trillion in fiscal 2016; and $4.2474 trillion in fiscal 2017.

This article was posted: Thursday, April 11, 2013 at 12:29 pm
Tags: economics, financial