By VICTORIA JONES
Talk Radio News Service
WASHINGTON – In January 2009, before President Obama took the oath of office, annual spending was set to total 24.9% of GDP. Total spending fiscal year 2012 is expected to top out at 23.4% of GDP.
Taxes today are lower than on inauguration day. In January 2009, the Congressional Budget Office projected that total federal tax revenue that year would amount to 16.5% of GDP. This year? 15.8%.
The deficit this year will be lower than on the day Obama took office. CBO said the 2009 deficit would be 8.3% of GDP. This year’s deficit is expected to come in at 7.6%