K-12 Tax & Spending Climate: Obama Forecasts $1,330,000,000,000 Budget Deficit This Year; 901,000,000,000 in fiscal 2013

Richard Wolf:

President Obama's proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years.

The budget, an outline of which was released by the White House Friday night, will show a higher deficit this year than in 2011, up from $1.3 trillion to $1.33 trillion.

In addition, the projected decline to $901 billion in 2013 is dependent on enactment of the president's policies, including spending reductions agreed to last summer and ending George W. Bush's tax cuts for the wealthy at the end of this year.

Posted by Jim Zellmer at February 13, 2012 2:48 AM
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