Under Obama, for every $7 we’ve had, we’ve spent nearly $11

That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year. In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts. It spent $3.538 trillion — 44% more than it had available to spend. The resulting deficit was $1.089 trillion. In fiscal year 2011, the federal government acquired $2.303 trillion in tax revenues and other receipts. It spent $3.603 trillion — 56% more than it had available to spend. The resulting deficit was $1.3 trillion. In fiscal year 2010, the federal government acquired $2.163 trillion in tax revenues and other receipts. It spent $3.456 trillion — 60% more than it had available to spend. The resulting deficit was $1.293 trillion. In fiscal year 2009 — which was, for the most part, Bush’s fiscal year (his final one) — Obama’s economic “stimulus” added $183 billion to the deficit (it would add far more in future years), on top of the deficit that we were already running that year under Bush. So in all, under Obama, the federal government has acquired $6.846 trillion in tax revenues and other receipts, and it has spent $10.711 trillion — 56% more than it has had available to spend. Moreover, Obama has amassed this historic record of fiscal profligacy even before his centerpiece legislation has really taken effect. If it’s not repealed first, the colossally expensive Obamacare is poised to present grave new challenges to our fiscal solvency once it would become a reality in early 2014. With one fiscal year of this presidency still to come (regardless of the outcome on Election Day, fiscal year 2013 will belong to Obama) — and with the specter of Obamacare looming — our national debt is now over $16 trillion. That’s more than $6 trillion higher than it was during the first presidential debate of 2008, when Obama bemoaned what he called the “orgy of spending and enormous deficits” under Bush.