Obama the Thrifty?

Most voters believe that President Obama has presided over a massive increase in federal spending, but this is simply not the case.

Here are the facts:

• In the 2009 fiscal year, the last of George W. Bush’s presidency, federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Official numbers at the OMB.
• In fiscal 2010, the first budget under Obama, spending fell 1.8% to $3.46 trillion.
• In fiscal 2011, spending rose 4.3% to $3.60 trillion.
• In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the CBO’s estimate of the budget that was agreed to last August.
• Finally in fiscal 2013, the final budget of Obama’s term, spending is scheduled to fall 1.3% to $3.58 trillion. The CBO’s latest budget outlook.

Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4%.