Prior to President Barack Obama taking office, the highest budget deficit on record was $459 billion in 2008, President George W. Bush's last year in office.
Obama has not held the annual deficit below $1 trillion. More disturbing, he has no plan to do so, even if he is elected to a second term.
Unless Congress reins the president in, Obama's administration - assuming he is elected to a second term - would pile up more debt in eight years than the nation had tolerated for two centuries.
A $3.73 trillion budget proposal was sent to Congress by Obama last week. He claims the plan involves "tough choices and sacrifices," but we cannot detect them.
During the current year, the deficit would total $1.65 trillion, by Obama's reckoning. That would drop to $1.1 trillion in 2012 - primarily because the president expects higher tax revenue once the recession ends and certain tax breaks expire. Actual spending during the year would remain at about current levels.
Obama pledges to reduce deficit spending by $1.1 trillion during the next 10 years. That amounts to just $110 billion a year in reduced deficits. Again, that would put the Obama presidency on track to use more debt financing than Americans ever have been willing to accept.
Even at that, Obama does not propose reducing the deficit by spending cuts. About one-third of his plan relies on tax increases.
Good heavens. The president simply doesn't get it. Even within his own party, some leaders were shocked by his irresponsible budget proposal.
Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat, told a reporter, "We need a much more robust package of deficit and debt reduction over the medium- and long-term."
Precisely - and that deficit and debt reduction needs to come through spending restraint, not tax increases.
The only thing "robust" about Obama's budget proposal is its reliance on the old, discredited liberal philosophy: tax and spend.