Obama ad­min­is­tra­tion: Bud­get deficit grows to $587 bil­lion

Daily Freeman (Kingston, NY) - - NATION + WORLD -

The gov­ern­ment ran a $587 bil­lion bud­get deficit for the just-com­pleted fis­cal year, a 34 per­cent spike over last year af­ter sig­nif­i­cant im­prove­ment from record deficits of Pres­i­dent Barack Obama’s first years in of­fice. The news, while sober­ing, does not ap­pear enough to jolt a grid­locked Wash­ing­ton into ac­tion to stem the flow of red ink. It came in an an­nual re­port by the Trea­sury De­part­ment and the White House bud­get of­fice.

In the pres­i­den­tial cam­paign, in­tractable bud­get deficits and grow­ing debt have been mostly ne­glected by Hil­lary Clin­ton and Don­ald Trump.

The new fig­ures show: The gov­ern­ment is bor­row­ing 15 cents of ev­ery dol­lar it spends; spend­ing went up al­most 5 per­cent to $3.9 tril­lion in fis­cal 2016, but rev­enues stayed flat at $3.3 tril­lion.

Obama came to power af­ter the 2008 fi­nan­cial cri­sis and as the econ­omy was still emerg­ing from a deep re­ces­sion. The deficit spiked to $1.4 tril­lion.

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