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The day of reckoning looms: The CBO now predicts another trillion-plus deficit for 2012, the fourth year in a row the U.S. government has produced such a deficit.
For those who like to blame Bush for everything, it must be noted that these deficits, all during the Obama administration, are three to four times larger than any previous single year deficit of any previous administration. As bad as the deficits were in the Bush years — and they were bad — they don’t hold a candle to what Obama has done.