Via Weekly Standard:
In President Obama’s first budget, entitled (with no apparent sense of irony) “A New Era of Responsibility,” he projected that the federal budget deficit in 2012 would be a rather hefty $581 billion (see summary table S-1). Fast-forwarding three years, the Congressional Budget Office (CBO) now projects that it will instead be $1.079 trillion, meaning that, if the CBO is right, Obama was wrong by $498,000,000,000. To put that into perspective, that roughly half-trillion dollar margin of error is more than Obama allocated is this year’s budget for Medicare (see table S-3). Medicare could magically have become free for 2012, and the deficit would still have exceeded Obama’s earlier estimate.
Deficit spending under Obama has truly been historic. An editorial in the Wall Street Journal rightly observes that “Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close.”