Changes

==== FY 2011 Budget ====

==== FY 2011 Budget ====

Obama's first two budget deficits(FY 2009 and FY 2010) wer more than $1 trillion, or 9% of [[GDP]]. The [[Democrat]]ic Congress failed to pass, and President Obama did not sign, a budget for fiscal year 2011, as required by law. The projected deficit was expected to be at least another $1 trillion again in 2011. Combined with a shrinking economy, the publicly held federal debt increased by over 20% of GDP in Obama's first two years, and was projected to increase by another 7% in 2011. Experts warned the President that deficits of this size were not sustainable in the long run because the federal debt cannot indefinitely grow faster than economic output. Eventually a greater and greater share of national income would be devoted to interest payments, until eventually the government would be forced to finance the debt through money creation ([[inflation]]) or [[default]].

Obama's first two budget deficits (FY 2009 and FY 2010) were more than $1 trillion, or 9% of [[GDP]]. The [[Democrat]]ic Congress failed to pass, and President Obama did not sign, a budget for fiscal year 2011, as required by law. The projected deficit was expected to be at least another $1 trillion again in 2011. Combined with a shrinking economy, the publicly held federal debt increased by over 20% of GDP in Obama's first two years, and was projected to increase by another 7% in 2011. Experts warned the President that deficits of this size were not sustainable in the long run because the federal debt cannot indefinitely grow faster than economic output. Eventually a greater and greater share of national income would be devoted to interest payments, until eventually the government would be forced to finance the debt through money creation ([[inflation]]) or [[default]].

==== FY 2012 Budget====

==== FY 2012 Budget====