Previewing the New Obama Budget

"USA Today reports that the difference between what the federal government under President Obama will have spent in 2012 and how much it will collect in taxes and other revenue sources will be $1.33 trillion. To help put those values in perspective, the value of the Gross Domestic Product (GDP) for the United States in the third quarter of 2011, which coincides with the end of the U.S. federal government’s fiscal year on September 30, 2011, was $15.176 trillion dollars. The $1.3 trillion federal government budget deficit in 2011 then accounts for 8.6%, or nearly 1 out of ever 12 dollars, of the entire U.S. economy."