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Each year's deficit adds to the debt.

Before Obama, America had never witnessed a deficit of 1 trillion or more.

Table of Contents.

Since Obama, America suffered four consecutive years in excess of that amount. His deficit reachedtrillion, his number hittrillion and the shortfall wastrillion. The just-completed fiscal deficit came in atbillion. Thus, the halved deficit over which Obama. Dec 08, Annual budget deficits, which represent the federal government’s spending in excess of revenue, have begun to rise for the first time in seven years, dating back to President Obama inherited a deficit oftrillion when he took office at the end of the Great Recession.

The first chart shows that deficits began to shrink as the economy slowly Estimated Reading Time: 2 mins. Oct 19, Fact-Check: No, President Barack Obama Did Not Cut the Deficit by Two-Thirds. Fact-Check: Yes, Most of the Economic Gains Under Barack Obama ‘Have Gone to the Very.

During the third presidential debate, Hillary Clinton praised President Obama’s economic performance, adding: “He has cut the deficit by two-thirds.”.Estimated Reading Time: 1 min.

Article Reviewed November 23,

May 03, That makes the deficit by year less than what's added to the debt by year. For example,trillion was added to the national debt under President Obama. 16 But his total budget deficits totaledtrillion. 6. Similarly, President Bush's stated budget deficits totaledtrillion.

But Bush addedtrillion to the debt. Mar 24, President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has Estimated Reading Time: 3 mins. Nov 23, But Obama also cut taxes in and In billion were cut as part of the American Recovery and Reinvestment Act.

InObama approved the permanent extension of the Bush tax cuts for those below a certain income level. This. Apr 04, 4/6/ UPDATE: Looking back at the data, the budget under President Obama represented a 58 percent reduction tobillion or percent of GDP, i.e., the deficit was reduced by MORE THAN HALF in four years.

Also, to bring the record up-to-date, the CBO data shows the deficit has now been reduced 75 percent from its peak. Jan 12, A year ago, President Barack Obama said during his State of the Union address that the United States has seen"our deficits cut by two-thirds" during his tenure. We rated that claim Mostly True.

Sep 30, Certainly the Bush tax cuts did play some role in higher deficits, though, as we have noted, increased spending played a bigger role.

But Obama is not vague at all.