The White House has delivered its 10-year budget forecast to Congress, and it predicts a trillion-dollar deficit for fiscal year 2012.
The project, titled the Mid-Session Review, projects $42.6 trillion in spending, and will balloon the federal government’s accumulated debt to $25.4 trillion by 2022, according to an analysis from the office of Sen. Jeff Sessions, the GOP’s budget chief in the Senate. The review was released Friday, reducing the chance it will get much coverage in the media.
Last year, the national debt grew to $14.8 trillion, an increase of $5 trillion from 2008.
The river of red ink shows that President Barack Obama’s campaign-trail ads are “dramatically false,” said a statement from Sessions.
Those new ads promise to pay down the accumulated deficits in a “balanced way.”
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