WASHINGTON â€“ A new estimate puts the deficit for the just-completed 2012 budget year at $1.1â€‰trillion, the fourth straight year of trillion dollar deficits on President Barack Obamaâ€™sÂ watch.
The result was a slight, $207 billion improvement from the 2011 deficit of $1.3Â trillion.
â€œPresident Obama once promised to cut the deficit in half by the end of his first term, but â€¦ heâ€™s broken that promise and has presided over his fourth straight trillion-dollar budget deficit,â€ said GOP vice presidential nominee Rep. Paul Ryan, R-Wis. â€œThe presidentâ€™s reckless spending habits have burdened the American people with another $5.4 trillion in debt while failing to bring a real recovery for the 23 million Americans struggling for work or the 15 percent of Americans living inÂ poverty.â€
The 2012 deficit was 7 percent of the size of the economy, an unsustainably high level. The figure is lower than the first three years of Obamaâ€™s presidency but higher than any other year sinceÂ 1947.
The administration will release the official deficit numbers around mid-October, but they should line up closely with the CBO estimate, which showed that the government borrowed 31 cents for every dollar itÂ spent.
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