- Last Updated: 1:54 AM, August 8, 2012
- Posted: 1:54 AM, August 8, 2012
WASHINGTON — The federal government will finish the year with a budget deficit of more than $1 trillion for the fourth straight year under President Obama.
The deficit stands at $975 billion through July, according to the nonpartisan Congressional Budget Office, on pace to crest above the $1 trillion mark by the end of the fiscal year on Sept. 30.
Obama has blamed former President George W. Bush for wiping out Clinton-era budget surpluses through unsustainable tax cuts, an unpaid senior-prescription drug plan and war spending. Republicans have pointed the finger at Obama’s $787 billion 2009 stimulus package.