The day the Congressional Budget Office forecast that the United States is headed for its fourth straight year with a $1 trillion-plus budget deficit, President Obama touted the benefits of big government spending.
His venue? The Washington auto show. His tools? Shiny new American cars, preferably those from General Motors and Chrysler. Those were the two companies that received billions in a 2009 taxpayer funded bailout that has obviously paid off, both for the automakers and the Obama administration.
The president got behind the wheels of muscle cars, SUVs, trucks, and fuel efficient and electric models and proclaimed “The U.S. auto industry is back.” But he couldn’t just leave it at that, for there were more political points to score. He did so by taking a veiled swipe at his most likely opponent in the November election – Mitt Romney – for having opposed the bailout that helped bring Detroit back from the brink.
“It’s good to remember the fact that there were some folks who were willing to let this industry die,” Obama said.
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U.S. set for 4th year of $1 trillion-plus deficit-CBO
The United States is headed for a fourth straight year with a $1 trillion-plus budget deficit, congressional forecasters said, giving Republicans ammunition to hammer President Obama’s spending record. The CBO report is the opening salvo in the 2012 debate over the appropriate size of the federal government in coming years and whether the wealthy should shoulder more of the burden in fixing a fiscal mess highlighted by a national debt that has topped $15 trillion and is racing higher.