As President Barack Obama, a Democrat, and Mitt Romney, a Republican, prepare to square off in their second debate tonight, we’d like to know what you think is most important for them to do—cut taxes or reduce the federal deficit.
The non-partisan Congressional Budget Office estimates the federal budget deficit for the 2011-12 fiscal year, which just ended, is about $1.1 trillion. That’s 7 percent of the gross domestic product. The deficit is roughly $200 billion less than the 2011 shortfall, but the 2011-12 fiscal year is the fourth in a row with a deficit that tops $1 trillion. Total outstanding public debt is $16.2 trillion, according to the U.S. Treasury Department.