Bloomberg Report Shows Obama Budget Closed Deficit by 13 Percent


The Republicans hate it. The Tea Party hates it even more. But a new report from Bloomberg shows that the budget and spending passed by Obama and the Democrats has closed the gap between spending and revenue by 13 percent.

From the report...

The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.

Though both the budget and deficit are still at record highs, this report seems to stand in stark contrast to the opposition's rhetoric going into November elections that the Democratic budget and agenda will deepen the deficit and engender more financial troubles.