Didn't Obama promise to cut the deficit in half by the end of his first term?
New York (CNNMoney) -
The federal government logged a $1.1 trillion deficit in fiscal year
2012 – marking the fourth straight year of trillion-dollar shortfalls.
As a share of the economy, the deficit fell to roughly 7%, according
to Congressional Budget Office estimates released Friday. That’s down
from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009
during the depth of the economic downturn.
Deficits as a share of GDP in the past four years have been the highest since 1947.
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