President Obama does not care much about deficits -- other than worrying that big debt might matter in his reelection campaign.
In his first three budgets combined, Obama borrowed nearly $5 trillion. Currently, the government is borrowing about 45 percent of everything that it spends. The 2012 budget that Obama proposed in February would add nearly $10 trillion to existing U.S. debt over the next ten years. It would spend $3.7 trillion in 2012 and result in the largest annual deficit in U.S. peacetime history, which is why it was rejected in the Senate by a 97-0 vote.
Under Obama, the government over the last two and a half years has borrowed on average about $4 billion each day. That staggering sum is far in excess of the $1.6 billion per day borrowed during the eight-year tenure of George W. Bush, who until Obama had borrowed more than any other peacetime president.
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