The Hill News

On Monday, President Obama released his $3.8 trillion fiscal year (FY) 2013 budget proposal containing many similarities to his FY 2012 budget that was overwhelmingly rejected by the Senate by a vote of 97-0. If Congress were to adopt the president’s budget, we are looking at dangerous levels of debt, exceeding 100 percent of Gross Domestic Product (GDP) every year for the next 10 years. 

Failing to fulfill his promise to cut the deficit in half by the end of his term, Obama instead proposed a fourth consecutive year of deficits greater than $1 trillion. Under President Obama’s watch, the government has accumulated the three largest annual budget deficits in our nation’s history.  Over $4.6 trillion has been added to the national debt since Obama took office, which is the most rapid increase of any president ever.

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