The deficits have largely come down as a result of the improved economy for which Obama cannot assume full credit.
The deficit has come down in recent years because of the strengthening economy, which drives tax revenues up, and the draw-down of various economic stimulus programs that were implemented to weather the financial crisis. Additionally, the expiration of 2 percent payroll tax cuts and increases in tax rates for high-income earners played a role, albeit a smaller one.
The country’s spending is not expected to continue its downward route, according to federal forecasters, for factors that include increased interest payments on the debt and the lack of substantial policy changes for the country’s biggest programs, like Social Security and Medicare.
Barack Obama claims deficit has decreased by two-thirds since taking office | PolitiFact