
The New York Times' Jackie Calmes has a piece yesterday (9/26/12) on Obama's failure to rein in the budget deficit. The big problem is that Obama's explanation is apparently hard to follow: Four years ago, Barack Obama campaigned for president on a promise to cut annual federal budget deficits in half by the end of his term. Then came financial calamity, $1.4 trillion in stimulus measures and a maddeningly slow economic recovery. Now, despite small annual improvements, the deficit for the fiscal year that ends on Sunday will surpass $1 trillion for the fourth straight time. Against that headline-grabbing figure, [...]

