Barack Obama - One Term Presidency

Treasury Secretary Timothy Geithner on Friday (10/12/2012) defended the White House approach to the deficit as his department officially confirmed a fiscal 2012 deficit of $1.089 trillion.

That figure is $207 billion less than in 2011, and $238 billion less than forecast in February.

The fact the deficit remains above $1 trillion for the fourth year in a row, despite President Obama's pledge to cut it in half by now, is a major headache for Obama’s reelection campaign.

Obama Pledges to Cut the Deficit in Half By the End of His First Term in Office.

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