DENVER—Today, the Congressional Budget Office announced its new estimate for the 2012 budget deficit of $1.1 trillion. The CBO estimates the 2012 deficit was equal to 7.0 percent of gross domestic product, the fourth highest level since 1947. The highest levels since 1947 were 10.1 percent in 2009, 9.0 percent in 2010 and 8.7 percent in 2011. The Treasury Department will report the actual deficit for the 2012 fiscal year later this month.
House Appropriations Committee Chairman and Joint Budget Committee member state Rep. Jon Becker, R-Fort Morgan, issued the following statement regarding the estimate:
“The federal budget deficit and national debt are two of the most pressing challenges we face in maintaining the long-term health of our country for our children and grandchildren. In the last four years, President Obama’s failed tax-and-spend economic policies have created the four highest deficit levels since just after the end of World War II. Last year, under President Obama’s leadership, the federal government borrowed more than 30 cents of every dollar it spent. We cannot continue down this path.
In Colorado, we have been able to work together to make the difficult decisions to balance our state budget. Our children and grandchildren deserve better from our federal government.”