Out of Control Spending!

Well, not really.

Under President Obama, the nation’s deficit will shrink to less than $1 trillion in 2012, the Treasury Department announced yesterday. The deficit in 2011 and 2010 was $1.3 trillion. Treasury projects that the budget deficit for fiscal year 2012 will come in at $996 billion.

The federal deficit has not been below $1 trillion in at least four years, and the last president to reduce the deficit rather than increase it was Bill Clinton.

The automatic expiration of the Bush Tax Cuts at the end of next year will eliminate most of the $996 billion that remains over the next decade.

This should be the biggest story of the week if not the entire month, but I won't hold my breath. I'm sure the beltway is busy deciding how to spin this as bad news for Democrats.