President Barack Obama and his administration should make history in 2016. According to the White House Office of Management and Budget (OMB), the Obama administration is expected to spend more than $4 trillion in 2016 alone under the president’s budget proposal. It’s an amount that would reportedly surpass all past administrations in terms of single-year spending.
As CNSNews.com points out, the OMB’s historical tables also indicate that the OMB does not expect the Obama administration to ever achieve an annual deficit as low as $458.5 billion — that’s the deficit the federal government ran in 2008, the last fiscal year completed before Obama became president.
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According to OMB’s tables, the federal government would spend$3.7778 trillion in fiscal 2014 under Obama’s budget proposal. It would then spend $3.9801 trillion in fiscal 2015; $4.0898 trillion in fiscal 2016; and $4.2474 trillion in fiscal 2017.
Obama will leave office on Jan. 20, 2017, about four months into fiscal 2017.
Just to recap, in FY2009, the federal government ran up a $1.4 trillion deficit. In FY2010, that number decreased slightly to $1.29 trillion. In FY2011, the government ran a deficit of $1.29 trillion. Finally, in FY2012, it ran a $1.08 trillion deficit. The OMB projects a $972.9 billion deficit in 2013.
Further, the OMB doesn’t believe the budget will ever balance under President Obama’s proposal.