Budget Deficit Shrinks Below $1 Trillion

Republicans worst nightmare:

Under President Obama, the nation’s budget deficit will shrink to $996 billion for FY 12 reports the Treasury Department.  

Upon entering office in January 2009, President Obama inherited from George Bush a $1.41 trillion budget deficit, the largest in history.  Since that time, Obama's FY 10 and FY 11 budgets ran deficits greater than $1 trillion.  This will be the first time since George Bush ran the deficit to over $1.4 trillion that it will shrink to below the trillion dollar mark.

Caution should be had even with the slightest bit of good news.  It will take more than two years to fix 8 years of George Bush.  But any progress on alleviating the deficit is great news.