The Office of Management and Budget (OMB) issued a mid-year fiscal report on Friday that predicted the nation's deficit will grow to $1.47 trillion this year and that the unemployment rate would drop just half a percentage point next year.
The OMB report gave credit to the Obama administration for laying the foundation for an economic recovery, but added, "despite these hopeful signs, the economy is still struggling; too many Americans are still out of work; and the Nation’s long-term fiscal trajectory is unsustainable, threatening future prosperity."
The report, a mid-year review of the nation's fiscal situation, caught the attention of Republicans, of course, who used it to underscore their criticism that Democrats are spending too much.
“Today’s report is a stark reminder of the legacy of Obamanomics: more spending, more debt, and fewer jobs," House Minority Leader John Boehner, R-Ohio, said.
Boehner said the GOP has a plan to cut $1.3 trillion in spending, which would eliminate the nation's current debt.
House Minority Whip Eric Cantor, R-Va., said the report shows President Obama and the Democratically led congress, "have pushed America to the brink of a debt crisis."
The report praises Obama for putting policies in place that steered the nation away from a depression, such as the $800 billion stimulus.
While Republicans have criticized the legislation for its cost and questioned whether it created jobs, the report, the stimulus, "has had a demonstrable and significant effect on the economy, raising real GDP as of the second quarter of 2010 by an estimated 2.7 to 3.2 percent relative to what it otherwise would have been, and increasing employment by an estimated 2.5 to 3.6 million."