- Jul 1, 2011
- Reaction score
Obama Not on Track to Meet 2009 Deficit Reduction Pledge, Budget Review Shows
The Obama administration in early 2009 called for bringing down the deficit to about $530 billion in four years.
The latest official budget review projected the deficit would hit $1.3 trillion this year and fall to $956 billion in fiscal 2012, which ends next September. Obama's first term wouldn't be up until January 2013, but the review still forecast a $648 billion deficit for the entirety of 2013.
Friday's labor report showed the economy added zero new net jobs in August, leaving the unemployment rate at 9.1 percent.