The country is facing an 8.3 percent estimated average national deficit of a two-term Obama administration — the biggest of the past 50 years. By comparison, the current estimate for Obama is nearly double the percentage under Presidents Ronald Reagan and George H.W. Bush — and they were fighting the Cold War.
Political party doesn’t tell the whole story, however. President Bill Clinton leads the pack of presidents since 1961, according to data from the White House Office of Management and Budget. Heritage put together this graphic as part of our Budget Chart Book.
So what does the current trajectory mean for the United States? We’re certainly no longer looking at a continuation of manageable deficits in the years to come. This is a dramatic change in the magnitude of annual shortfalls at the federal level. That’s one reason Heritage came up with a plan to fix the debt crisis.
Tags: Barack Obama, Bill Clinton, George W. Bush, George HW Bush. Ronald Reagan, Jimmy Carter, Gerald Ford, Richard Nixon, Lyndon Johnson, John F. Kennedy, budget chart book, budget deficits, Chart of the Week, cold war, Office of Management and Budget, shortfall, Heritage Foundation, Robert Bluey To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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