Saturday, May 26, 2012

Nutting Of MarketWatch: "Obama Spending Binge Never Happened"

Contrary to Romney's pledge that he will "lead us out of this debt and spending inferno," President Obama has not presided over such an inferno. According to Rex Nutting (left) of MarketWatch, "...federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s." Below are the figures and charts he cites, according to official government statistics:

In the 2009 fiscal year — the last of George W. Bush’s presidency — federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget.

• In fiscal 2010 — the first budget under Obama — spending fell 1.8% to $3.46 trillion.

• In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office’s estimate of the budget that was agreed to last August.

• Finally in fiscal 2013 — the final budget of Obama’s term — spending is scheduled to fall 1.3% to $3.58 trillion. Read the CBO’s latest budget output.

Nutting's claims were also verified by Politifact.

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