One of the most common stories that Republicans tell about President Obama is that he has devastated American by inflating the nation’s debt. It’s hard for them to understand that the two wars President Obama inherited, along with a crippled economy by George Bush administration, caused much of the $18 trillion deficit.
Republicans have something else to be angry about now though as their favorite point is being taken away. Current projections show that President Obama’s administration is on target to eliminate the national deficit by 2017. Further, the deficit has already been cut by two-thirds since he came into office.
The Congressional Budget Office reports that “this year’s deficit will be noticeably smaller than what the agency projected in March, and fiscal year 2015 will mark the sixth consecutive year in which the deficit has declined as a percentage of gross domestic product (GDP) since it peaked in 2009.”
As Occupy Democrats reports, “At this rate, by being able to set the budget for the first year of the next president, President Obama is in a strong position to follow in the footsteps of the last Democratic president, Bill Clinton, and completely eliminate the federal deficit, cementing a new tradition of Democrats upholding the values of fiscal responsibility that Republicans now pretend to uphold.”
Good job, O.
Watch David Pakman’s take on this:
For more, read the article from Occupy Democrats titled: “Republicans Enraged as Obama on Track to Completely Eliminate Deficit by 2017.”