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.