In a recent FOX News appearance, House Minority Leader, Eric Cantor (R-VA), said that more than anything else American lawmakers needed to focus on America’s “growing” deficit. Since I am almost certain the host had no intention of informing him of the facts, it falls on me to tell Mr. Cantor that the deficit is, in fact, shrinking!
“For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.
The government says the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That’s the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.”
By allowing some of the Bush-era tax cuts to expire, which in turn increased government revenue, and by reducing government spending, President Obama has overseen the fastest reduction in the deficit since the Second World War. The deficit is now $400 billion lower than last year, and $800 billion lower than since President Obama was sworn into office.