(CNSNews.com) - In the historical tables it released along with President Barack Obama's fiscal 2014 budget proposal this morning, the White House Office of Management and Budget revealed that in fiscal 2016, under the president's budget proposal, it expects Obama to become the first president in the nation's history to preside over a federal government that spends more than $4 trillion in one year.
The OMB's 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 OMB's tables, the federal government would spend$3.7778 trillion in fiscal 2014 under Obama's 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.
Obama will leave office on Jan. 20, 2017, about four months into fiscal 2017.
In fiscal 2007, according to the OMB's tables, the federal government ran a deficit of $160.7 billion. In fiscal 2008, that climbed to $458.5 billion.
In fiscal 2009, the government ended up running a deficit of $1.4126 trillion. In fiscal 2010, it ran a deficit of $1.2943 trillion; in fiscal 2011, it ran a deficit of $1.2995 trillion; in fiscal 2012, it ran a deficit of $1.0869 trillion; and, in fiscal 2013, OMB projects a $972.9 billion deficit.
Why it's historic!!! Obama is awesome.
No announcement yet.
Jug 1st POTUS to spend $4T in 1 year