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Wednesday, January 23, 2013

Government spending growth has been slow under Obama; deficit on track to be resolved in next couple of years

Obama Channels Eisenhower With Anemic Government Spending Growth

From the piece:

Senate Republican leader Mitch McConnell says it’s time for the president to “get serious about spending.” The budget numbers suggest Barack Obama already has, with beneficial effects on the deficit.

Federal outlays over the past three years grew at their slowest pace since 1953-56, when Dwight D. Eisenhower was president. Expenditures as a share of the economy sank last year to 22.8 percent, their lowest level since 2008, according to Congressional Budget Office data. That’s down from 24.1 percent in 2011 and a 64-year high of 25.2 percent in 2009, when Obama pushed through an $831 billion stimulus package.

“If you strip out the stimulus, discretionary spending over the last few years has been quite modest and is scheduled to go to levels we haven’t experienced in modern times,” Robert Reischauer, a former director of the CBO, said in an interview. “Obama signed on to that,” partly in response to Republican pressure.

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